If you've been considering hopping on the EV bandwagon and buying a Tesla, now's a great time to pull the trigger. The electric vehicle maker has announced that shoppers who finance a Model Y in May will enjoy some of the lowest interest rates in their history.
Here are the nitty-gritty details from Teslarati: Buyers in the United States who finance the Model Y on an order placed by May 31 will lock in 0.99% APR rates for loans anywhere from 36 to 72 months. The deal is available on all three of the Model Y trim options.
With certain Tesla models now cheaper to buy than the average new car, this promotion offers even deeper discounts for would-be buyers, which the company hopes will motivate more consumers to go electric.
Teslarati reported that high interest rates have been "a headwind" for Tesla and other automakers over the last several years, and this promotion is angled toward overcoming that particular obstacle.
And while EV adoption is still growing around the world, this promotion is specifically aimed at bringing in U.S. buyers. Currently, the U.S. lags far behind China and Europe in its EV purchasing rates, according to the International Energy Agency.
With no gas needs and lower maintenance and repair costs, EVs are already cheaper in the long run than gas-powered vehicles. Tesla already ranks as the least expensive brand of car to maintain; its May promotion is a great way to make the switch for even less. It's easy to see why the Model Y was the most popular car model around the world in 2023.
And if lower lifetime costs weren't enough, going electric is a great way to reduce your negative impact on the environment. Transportation accounts for approximately 20% of global carbon pollution, according to Our World in Data. With nearly 75% of transportation pollution coming directly from road vehicle use, moving away from dirty fuels has never been more important.
Even if you miss the May promotion, there are significant tax breaks from the Inflation Reduction Act that can help you make the switch for less.
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