Tesla has introduced a new promotional offer for the Model 3, featuring a 1.99% APR financing rate in the US, that looks to help drive up sales in Q3.
The front page of Tesla’s website advertises the Model 3 starting at $34,990, though fine print clarifies that the actual price before estimated savings is $44,130. This figure includes destination and order fees but excludes taxes and other fees. The promotional price is subject to change, and the vehicle shown includes upgrades that may increase the final cost.
The estimated savings of $5,000 in gas costs over five years and the $7,500 Federal Tax Credit in the U.S., along with state incentives, are factored into the advertised price for eligible buyers. However, the Model 3 Rear-Wheel Drive and leases do not qualify for the Federal Tax Credit.
The promotional 1.99% APR rate is available to well-qualified buyers with excellent credit who order a new Model 3, excluding the Rear-Wheel Drive model, between August 1 and August 31, 2024, and take delivery by September 30, 2024. The terms for this rate apply to finance purchases over 36, 48, 60, and 72 months, with the option of a $0 down payment. Finance purchases are not eligible for Tesla’s Supercharging incentive.
Tesla’s website allows potential buyers to use a credit rating drop-down tool to calculate monthly payment estimates based on their applicable rate, including non-promotional rates for those with lower credit scores. These rates and monthly payments are estimates only and are subject to change based on credit approval and available rates at the time of the credit application. Not all applicants will qualify, and this offer is not an explicit offer of credit, financing, or leasing.
The promotion is available in most states, with estimated taxes and fees subject to change and confirmation closer to the delivery date. The first monthly payment is due 45 days after taking delivery of the Model 3.
With a promo 1.99% APR financing rate? That is a no-brainer for those who are approved for this financing promotion. Tesla has other 1.99% financing deals worldwide and this latest promo will definitely drive up Q3 sales and upgrades.
