Tesla has launched a new financing offer in the United States, giving buyers a 0% financing rate on new Model 3 and Model Y purchases, as the company seeks to take advantage of the current high-interest rate environment to drive sales.
Earlier this month Tesla introduced a promotional 0% interest rate offer for Model 3/Y in the US. However, that deal came with a catch in that the buyer had to add the Full Self-Driving (FSD) package to their order. Even though that added $8,000 to the final invoice, the money saved on interest over a typical 5-year term was greater than the cost of FSD, making it worthwhile to do it, if you could afford the higher price.
Now less than two weeks later Tesla has dropped the requirement to add FSD in order to get the promotional rate. According to a post by the official Tesla North America account on X, the deal is good on Model 3/Y purchases that are delivered by December 31, 2024.
0% APR now available in the US for Model 3/Y
— Tesla North America (@tesla_na) October 22, 2024
Take delivery by Dec 31https://t.co/wkAjuYtn54
While the catch of requiring FSD has been removed, there is still some fine print with this new offer. For the Model 3, you must select a 36-month term, rising to 4.99% for a 84-month term. While for the Model Y, the promotional rate is available on terms up to 60 months, going up to 2.99% for 84 months.
For both vehicles, buyers must provide at least a 20% down payment in order to be eligible for the 0% interest rate.
Tesla has one other financing offer currently available for the Model 3/Y, and that is a $0 down payment option. As noted by Tesla on their website, buyers can pick from either promotion, but can’t select both.
Unfortunately neither offer is available in Canada at the moment, but it is still early in the quarter, so we could see some deals as we approach the end of the year.
