Tesla increased the price of its Model S and X units in China last week, and now it has announced the ability for buyers in the country to purchase vehicles without paying a down payment.
On Monday, Tesla announced that customers in China can purchase vehicles with zero down payment, with the company instead announcing a flexible financing option with a repayment period of up to five years, according to CNEVPost.
Customers can also select a 20 percent down payment and select the flexible financing option with a three or five-year repayment plan.
Tesla #China starts offering new financing options:
– 0% down payment option
– 1 year payment term with 50% down payment & 50% post 1 year
– 3/5 year payment term with 20% down payment & 30% post 3/5 year term
— Moneyball (@DKurac) November 1, 2021
Tesla Opens Massive Minhang Delivery Center in China https://t.co/0wfYfunpX5
— TeslaNorth.com (@RealTeslaNorth) October 22, 2021
For a Tesla Model Y Standard Range, which normally costs RMB 276,000 ($43,100 USD), customers could pay zero down payment with a monthly payment of RMB 5,520 (862.94), as paid in five-year installments.
The total of the vehicle under this program would come out to RMB 552,000 ($86,293 USD), showing about 4 percent interest.
With the flexible financing route, customers don’t actually own their Teslas until payments are complete, and are just leasing them in the time between. Those that want to pay a down payment can also pay 20 percent to start with payments in between and a final payment of 30 percent of the car’s cost.
Tesla hit record deliveries in China in September, and the addition of Tesla’s flexible financing and zero-down payment options will only make the company’s vehicles more accessible to prospective buyers.
Contributing Writer at TeslaNorth.com from California’s southeast Bay Area. Covers electric vehicles, space exploration, and all things tech. Loves a good cup of coffee, live music and puppies. Buying a Tesla? Click here to get 1,000 free Supercharging miles.