Tesla now likes the strategy of ‘breaking’ financing rates: this is the new offer with the Model Y in the US.
Tesla now likes the strategy of ‘breaking’ financing rates: this is the new offer with the Model Y in the US.
We have seen Tesla’s aggressive movements with the prices of its cars for more than a year. Elon Musk’s company started a price war in the electric car market that continues to this day and has been supported by many of its rivals.
However, Elon himself acknowledged several times that the problems with the slowdown in demand in the sector are due, among other causes, to the high interest rates that buyers must face when purchasing a new vehicle, apart from its well-known high prices and the inflationary wave that we are experiencing in recent times.
It is common to find interest rates around 5-7%, even higher in some markets. Something that, as you can imagine, ends up being an additional financial burden for users.
To try to compensate for this, Tesla is carrying out different aggressive strategies that ‘attack’, precisely, the interest rates when you want to finance the purchase of one of its cars. To give two recent examples: in Germany, at the beginning of the year, apart from seeing how the Model Y dropped in price by up to almost 8,000 euros, we encountered rates of 0% for a time last month, an identical situation occurred in the Chinese market, where financing rates also set to zero.
Now, the Tesla Model Y configurator in the United States appears with an interesting offer, in another aggressive move by the company: 0.99% financing for a limited time until May 31. The objective is clear: to boost orders for its flagship model, the SUV that won the title of best-selling car in the world in 2023.
There are requirements, such as the buyer being eligible for the Federal Tax Credit, which requires, for example, having a single income of $150,000 annually or less. The offer is accessible for financing programs of 36, 48, 60, or 72 months, with a down payment of $4,250. In case of needing to finance for 84 months (7 years), the APR rate amounts to 2.99%, which is not bad either.
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