What's the Typical Down Payment?

[Featsbeyond50]

Hi, I ordered a Y a few months ago. The estimated delivery date was August but it moved up multiple times until I could have taken it this November. At that time I said, "hold on a second fellas, I still want to get the EV credit. Can we put this order on hold until next year?" Tesla was kind enough to put it on hold until January.

As you all know BBB fell through so I took my order off hold. Since the terms for my financing expired, I had to resubmit. The new financing, through Wells Fargo, has me paying 18 grand up front. I don't remember it being that high thru JP Morgan, I think it was less than 10 grand.

So, my question is, what is the typical down payment for a Y with minimum bells and whistles? I got a tow hitch as the only extra I requested.

 

[flstcgranucci]

As far as I know, Tesla will not qualify for any further tax incentives. They’ve sold too many cars to qualify.
As for my down payment, I calculated in the app what I am comfortable paying monthly and figured out what the down would be

 

[Tooleman694]

Probably depends on your credit and your LTV ratio the bank has. I am trading my SUV in, so ill be putting down around 20k.

 

[rightthing]

I got the option to pay 0 downpayment with ScotiaBank here in Canada and so I took it. We bought a new home a year back where we invested all our liquidity. With current interest rates, it just seemed like the better solution for us. Ultimately it’s your financial situation that matters without any advantages of paying a higher downpayment (apart from the lower total interest that you will pay the bank).

 

[dino007]

I put 4k down payment along with my 4k trade in so a total of 8k

Just depends i suppose

 

[carpendj]

I would suggest that there is never a typical down payment that applies to everyone. It all depends on the individual. Some like to put down as much as they can and finance as little as possible. Some cannot afford to put down a lot of cash and prefer to finance. Others know that with rates so low, it probably makes more sense to put down as little as possible and invest the cash instead. Its a personal thing.

 

[mrmtb]

I wouldn't get an auto loan that required anything down in today's market.