Tesla is already offering low 1.99% financing on six-year loans for customers looking to buy the $48,990 long-range, all-wheel-drive Model Y, the series production version of the newer car that debuted in early April. Gone are the days when Tesla had to keep hiking prices to avoid being hopelessly swamped by demand. Now CEO Elon Musk has to fight for every new customer.
Just weeks after the launch of the Model Y refresh, a slightly newer version of the five-year-old crossover, Tesla informed buyers on Sunday they can already have the car at a discounted financing rate. Interested buyers can qualify for a six-year loan at 1.99% if they put down $3,999 for the purchase of a long-range all-wheel-drive version. By contrast, financing rates for some of Tesla’s upscale models top 6%.
If they use in-house financing (which most car companies do) they’re still losing money overall. And it is indicative that they’re feeling the squeeze so that’s nice to know.