by Tesla lowers the rental cost of Model Y
Tesla has made the Model Y Long Range more affordable to lease by reducing monthly payments. The monthly cost for the all-wheel-drive version with dual motors is now $530 (before taxes and additional fees). Additionally, Tesla confirmed that the special financing offer of 1.99% APR for this model will end in June.
Earlier in May, the company had already adjusted lease terms to make them more attractive. For example, the monthly payment for the rear-wheel-drive Model Y Long Range on a 36-month lease with 10,000 miles per year now starts at $491. In some states with electric vehicle incentive programs, this amount could be even lower.
In Massachusetts, for instance, with a state subsidy of $3,500, the monthly payment could drop to $380.
Financial offers and deadlines
For those choosing financing, Tesla offers a 1.99% APR for the all-wheel-drive Model Y Long Range with a 15% down payment and a loan term of up to 72 months. However, this offer is valid only until June 16. For longer terms (84 months), the rate is significantly higher—6.44%.
The rear-wheel-drive Model Y Long Range can only be purchased at 5.49% APR. The all-wheel-drive version costs just $4,000 more, so the company is likely trying to encourage buyers to choose this model.
Given Tesla’s dynamic pricing policy, after the promotion ends, it’s possible that favorable financing terms may return or even new special offers may appear by the end of the year, especially if demand for vehicles declines.
These changes occur against the backdrop of Tesla’s model lineup updates and increasing competition in the electric vehicle market. The company continues to experiment with pricing strategies to remain attractive to buyers across different price segments. The offer looks particularly appealing for residents of states with additional incentives for electric car owners.
