Tesla has quietly introduced new, more affordable financing and lease options for the Model Y in Canada, just days after cutting lease prices across the United States.
The latest update, now reflected on Tesla’s Canadian website, brings lower monthly payments and more competitive interest rates aimed at boosting sales heading into the final quarter of 2025.
Financing Drops to 2.99% APR
Buyers looking to finance a Giga Berlin made Model Y Long Range can now take advantage of a 2.99% annual percentage rate (APR), down from 4.69%. Based on Tesla’s online configurator for Vancouver, B.C., a typical financing scenario shows an estimated monthly payment of $1,125 with a $5,000 down payment, a 60-month term.
The 2.99% rate applies to terms up to 60 months, with 72 and 84 month terms also seeing a discounted, but slightly higher, rate of 3.49%.
The longest 96 month term comes with a rate of 3.99% for eligible buyers.
Lease Payments Now Start at $829 per Month
Tesla has also dropped lease prices for the Model Y. Customers can now lease the electric SUV for $829 per month over 48 months with 16,000 kilometres per year, following a $5,000 down payment and $5,955 due at signing.
That’s a notable decrease from the previous $999 per month, representing a savings of over $8,000 over the full lease term.
The updated rates are now live on Tesla’s Canadian website and applies to new and existing Model Y orders that have not yet been delivered.
U.S. Rate Cuts Earlier This Week
The Canadian adjustments come just days after Tesla reduced lease prices in the United States, a move that saw monthly payments drop by as much as $100 for the same model.
However, the lease rates in particular are still much lower in the U.S. than in Canada, starting at $449 for the Model Y.
The special rates in the U.S. are for a limited time, with Tesla saying they will increase in November. Tesla has not put a similar deadline on these Canadian deals.
