As the end of the third quarter approaches, Tesla is rolling out a new incentive for buyers of the Model 3 and Model Y Long Range and Performance in the U.S. Starting now, customers can drive away with a new Model 3 or Model Y without paying anything upfront.
This new offer allows buyers to get a qualified Model 3 or Model Y with $0 due at signing if they choose to finance the vehicle and apply for the $7,500 federal tax credit at the point of sale. Those who opt for this promotion will also benefit from a 2.49% APR on their vehicle payments for up to 60 months for a Model 3 or up to 72 months for a Model Y.
For those looking for even lower interest rates, a 20% downpayment is an option. With a 20% downpayment, buyers can enjoy a reduced 1.99% APR on their Model 3 or Model Y. This lower rate is available for loan terms of 36 to 72 months for the Model Y and 36 to 60 months for the Model 3.
Tesla notes that these promotional rates are available only to qualified buyers with good credit who place their order and complete delivery by the end of Q3 2024. The $0 due at signing offer applies to new orders placed from September 12, 2024, onwards.
Tesla has shared details of this promotion through its official Tesla North America account on social media platform X. They are also sending out messages to potential customers about this limited-time offer. Here’s what Tesla is communicating:
“Drive home a new Model 3 today with $0 due at delivery. Take delivery by September 30, 2024, and get $0 due at delivery plus 2.49% APR financing on a new qualifying Model 3 for up to 60 months when you apply the Federal Tax Credit at point-of-sale. Alternatively, put down 20% and get 1.99% APR financing on a qualifying Model 3 for up to 60 months.”
The Model 3 and Model Y are Tesla’s top sellers and make up a significant portion of the company’s quarterly sales. It will be interesting to see how this new $0 due at signing promotion influences Model 3 and Model Y orders in the U.S. this month.