Tesla offering another end of quarter incentive for existing owners

Tesla is pulling out all the stops in the first quarter of the year, launching yet another promotion to entice existing owners to upgrade and purchase a new car.

In Tesla’s Q4 2023 and full year earning’s call, the company said investors should expect slower growth in 2024 compared to previous years, as they were in between two growth waves. The first growth wave was the launch of the Model 3 in 2017 and the Model Y in 2020, which helped propel the company to a trillion dollar valuation for a period in 2021.

Despite the launch of the Cybertruck, it will be limited in production in comparison to the Model Y, and as such the second major wave won’t come until the launch of the next-generation Tesla, which isn’t expected to start production until mid to late 2025.

We will find out soon if Tesla’s Q1 2024 sales show any growth quarter-over-quarter (QoQ) and year-over-year (YoY), but it appears they are doing what they can to help boost sales in the first three months of the year.

The promotions started in February with the surprise return of Full Self-Driving (FSD) transfers, and unlimited Supercharging transfers also returned. Other offers on the table in the first quarter include a $1,000 discount for Cybertruck reservation holders in the US, and up to 8,000km or 10,000 miles of free Supercharging credits in both Canada and the US.

Now another loyalty offer has been added. Over the weekend Tesla sent out an email to existing owners that they could pick either a free paint or interior upgrade when purchasing a new car from existing inventory. You might be wondering how you can get a free paint or interior upgrade on a car that is already built, but Tesla will waive the cost of either the paint or the interior upgrade, whichever is less.

According to the terms of the offer, delivery must take place before March 31, 2024 in order to qualify. The offer also excludes leases and used vehicles, but can be combined with the other offers mentioned above. The terms also doesn’t exclude the new Model 3, although the chances of that appearing in existing inventory and being able to take delivery before the end of the month are extremely slim.

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