.99% APR Financing Promotion (May 10 - May 31 2024)

[BMWY]

Currently have a 2021 SR Y and with the new interest rates/tax credit I can essentially trade it in as a wash for a brand new LR. Any reason not to do this at this point? Our SR has been flawless, but I'm sure there have been vast improvements since 2021.

 

[whydontwe]

Currently have a 2021 SR Y and with the new interest rates/tax credit I can essentially trade it in as a wash for a brand new LR. Any reason not to do this at this point? Our SR has been flawless, but I'm sure there have been vast improvements since 2021.

I don't see why not, other than possibly higher insurance rates. I am in a similar boat.

 

[RedSupraT]

Thought about trading my 2022 in for a new one with that killer APR but decided I like my USS too much to get rid of it. I'm gonna hold out for the remodel of the Y in a year or two (hopefully).

 

[ucmndd]

Any reason not to do this at this point?

Multiple additional years of car payments?

 

[whydontwe]

Multiple additional years of car payments?

Possibly, good point. They should compare TC between the two.

 

[Dear_OP]

Multiple additional years of car payments?

Exactly. Why do people seem to forget this?


The House always wins when you keep on playing.

 

[Hiline]

Doing the math: At current prevailing auto loan interest rates (about 6.5%) this incentive is worth approximately $9,000 if you finance $50k for 72 months.

For those keeping score, that’s roughly the same discount we’ve seen every quarter now for the past 2-3 quarters.

In other words - same is same. This is just a different flavor of discount trying to incentivize a different subset of fence sitters, but the bottom line hasn’t really changed.

I don’t think we’ve seen nearly $9k worth of incentives on a Model Y anytime. The maximum inventory discount I remember was $5k, and the units with this discount went away quickly. If you count referral credit and 3 months of FSD or 3 months of supercharging, these add maybe another $1k to the incentives.

If someone is financing and planning to carry the loan to term, this interest rate reduction is the best incentive ever by a wide margin.

 

[whydontwe]

I don’t think we’ve seen nearly $9k worth of incentives on a Model Y anytime. The maximum inventory discount I remember was $5k, and the units with this discount went away quickly. If you count referral credit and 3 months of FSD or 3 months of supercharging, these add maybe another $1k to the incentives.

If someone is financing and planning to carry the loan to term, this interest rate reduction is the best incentive ever by a wide margin.

Especially if you can find a 2023 New/Demo. I saw a few pop in inventory today at 10% discount, but when I clicked the link to deposit link, the Tesla site reverted me back to the main inventory search page.

 

[GeorgeC1]

You can buy new but the hit is massive. My 2021 MYP is worth 27k in trade. Wish they offered the .99% on the X. I might make the jump.

 

[ucmndd]

I don’t think we’ve seen nearly $9k worth of incentives on a Model Y anytime.

As someone pointed out upthread, $9k represents the very best outcome for someone doing 100% financing on a MYP for 6 years. So yes, if you’re insane enough to buy a car in that manner, you could save some decent money on interest.

The maximum inventory discount I remember was $5k, and the units with this discount went away quickly.

Most people are going to realize savings more in the $5k neighborhood with this deal, so same is same. In prior quarters anyone who wanted a car at this max discount level could get one. They were readily available at pretty much any time.

If someone is financing and planning to carry the loan to term, this interest rate reduction is the best incentive ever by a wide margin.

I tend to disagree. The math only works if you were planning on being super irresponsible in the first place. You also only reap the maximum benefit if you keep the car for the term of the loan, so there’s some risk involved vs. just getting a discount up front.

 

[whydontwe]

You can buy new but the hit is massive. My 2021 MYP is worth 27k in trade. Wish they offered the .99% on the X. I might make the jump.

Are you saying that if I buy one new today, then it already lost nearly half in value?

 

[Nonlin]

You can buy new but the hit is massive. My 2021 MYP is worth 27k in trade. Wish they offered the .99% on the X. I might make the jump.

That trade is low balled because they want to resell at a profit.

My M3 2019 sr+ has a trade of 14-15k in good condition, but I sold it myself using keysavvy.com for 21k with a crack top roof, crack windshield, HW 2.5 and a scratched rims with 57k miles

 

[Royal27]

I'm going to continue to wait. I want inventory discounts and not low interest. That said, this promo seems to be working and inventory levels are going down so I may end up wishing I'd done it as I do want to buy in the next couple of months.

Let's see.

 

[GeorgeC1]

Are you saying that if I buy one new today, then it already lost nearly half in value?

You can buy a new model Y for 35k with the tax credit. Kind of kills resale value. I might get 32K if I sell it myself since it’s a performance. Car is 3 years old.

 

[Dugknight]

I was wondering with the interest rate promotion what times you were getting for expected delivery. I’m trying to figure out when to place my order because I am on vacation the first week in June.

We ordered last week. It says May/June delivery, but we haven't heard anything yet, so I'm sure it will be well into June.

 

[Nonlin]

Tesla rep said if I get the Long Range RWD I wont' get the 0.99 APY.
Site didn't seem to say that so went a ahead and dropped 250 to try and grab it but I can't see how to check for the financing option to see if I'm approved for it. What do I need to do?

 

[twanger71]

We ordered last week. It says May/June delivery, but we haven't heard anything yet, so I'm sure it will be well into June.

I got mine in 3 days here in Colorado, MYP

 

[aswami]

Tesla rep said if I get the Long Range RWD I wont' get the 0.99 APY.
Site didn't seem to say that so went a ahead and dropped 250 to try and grab it but I can't see how to check for the financing option to see if I'm approved for it. What do I need to do?

Tesla rep was wrong. Just follow the next steps in the order process in the app, and apply for financing.

 

[Nonlin]

Tesla rep was wrong. Just follow the next steps in the order process in the app, and apply for financing.

There is no next steps until I get assigned a car apparently. No car assigned yet because I went custom.

 

[Park2670]

Ordered four days ago, still says May/June for delivery. We actually wanted to take an inventory unit, but by the time we decided to jump, it was gone.

Guess we will keep waiting! Crazy to see the inventory drop so fast.