As the third quarter of 2024 draws to a close, Tesla has unveiled an enticing new promotion for potential buyers of its popular Model 3 and Model Y Long Range and Performance variants in the United States. The electric vehicle maker is now offering customers the opportunity to drive home a new Tesla with zero money down at signing.
According to Tesla’s order pages, this $0 due at signing offer applies to financed vehicles when customers opt to apply the $7,500 federal tax credit at the point of sale. Those taking advantage of this promotion can expect a 2.49% APR for up to 60 months on a Model 3, or up to 72 months for a Model Y.
For buyers seeking an even lower interest rate, Tesla is offering an alternative: a 1.99% APR for those who can provide a 20% down payment. This rate applies to Model Y purchases with loan terms of 36-72 months, and Model 3 purchases with terms of 36-60 months.
It’s important to note that these promotional rates are available only to qualified buyers with good credit. Additionally, to be eligible, customers must order and take delivery of their new Model 3 or Model Y by the end of Q3 2024. Tesla has specified that the $0 due at signing promotion is applicable to new orders placed on or after September 12, 2024.
Tesla North America has been actively promoting this new incentive on its official X account. Reports indicate that the company is also reaching out directly to potential customers via messaging to spread awareness about the ongoing promotion.
The message being sent to customers reads:
“Drive home a new Model 3 today without paying any out-of-pocket expenses at delivery.
Take delivery by September 30, 2024, and get $0 due at delivery plus 2.49% APR* financing on a new qualifying Model 3 for up to 60 months when you apply the Federal Tax Credit** at point-of-sale.
Or put 20% down and get 1.99% APR* when you finance a qualifying Model 3 for up to 60 months. Prequalify or design yours to get started.”
As the Model 3 and Model Y constitute the majority of Tesla’s quarterly sales, industry observers are keenly watching to see how this $0 due at signing promotion impacts order numbers for these models in the United States during the remainder of September. With these attractive financing options now available, Tesla appears to be making a strong push to boost sales as the quarter comes to a close.
