Tesla Rolls Out Game-Changing 0% APR Financing on Model 3 and Y

Tesla’s making waves with a jaw-dropping new financing deal. Starting October 8, 2024, they’re offering 0% APR for up to 72 months on new Model 3 and Model Y purchases in the US. This unprecedented move could shake up the EV market. Here’s what you need to know, according to Sawyer Merritt on X.

The nitty-gritty

• 0% APR for up to 72 months
• 15% minimum down payment
• $7,500 Federal tax credit applied if eligible
• Monthly payment: $13.88 per $1,000 financed

Sounds too good to be true, right? Well, there’s a catch. To qualify, you’ve gotta have stellar credit and include the Full Self-Driving (FSD) Supervised option with your purchase.

Why this matters

This move could be a game-changer for Tesla and the EV market as a whole. By offering such attractive financing, Tesla’s making their vehicles more accessible to a wider range of buyers. It’s a smart play to boost sales and maintain their competitive edge.

“Starting tonight, Tesla is offering a record low loan rate of 0% APR for new Model 3 and Model Y finance orders in the U.S. for loan terms up to 72 months,” Merritt reported.

The bigger picture

Even with the required FSD option (which adds $8,000 to the price tag), the monthly payments under this deal are only slightly higher than financing without FSD at standard rates. In some cases, buyers might actually save money in the long run by opting for the 0% APR deal.

Tesla’s clearly not messing around here. This is their most aggressive financing promo yet, and it could put serious pressure on other EV makers to step up their game.

EVXL’s Take

This bold move by Tesla showcases their commitment to making EVs more accessible to the masses. It’s reminiscent of their earlier strategies that helped them dominate the EV market. As we’ve seen in our recent coverage of Tesla, the company continues to innovate not just in technology, but in their approach to sales and customer acquisition.

This financing deal could be a turning point for many potential EV buyers who’ve been on the fence. It’s not just about making Teslas more affordable – it’s about accelerating the transition to sustainable transport.

What’s your take on Tesla’s new financing deal? Think it’ll shake up the EV market? Drop your thoughts in the comments below.