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Tesla has raised its promotional interest rate by 0.5%, the latest in a string of price increases that will make its EVs more expensive in July. According to the company’s online payment estimator, the featured financing deal is now 4.24% APR, up from 3.74% in June and a full point higher than its best deal in May.
At 4.24% APR for up to 72 months, Tesla’s financing incentive is largely in line with competitors. For referance, BMW is offering 4.49% APR for 72 months, 0.5% more than the previous rate of 3.99%. Similarly, the best 72-month rate from Audi on e-tron EVs is 3.49% while Polestar has 72-month rates from 3.99% APR.
On a $50,000 Model 3 sedan, a 0.5% increase in interest rate translates to a price increase of $820 over the life of the loan compared to last month’s deal at 3.74%. Compared to the featured deal of 3.24% back in May, it’s a $1,632 price increase. Many brands raised rates in response to Federal Reserve rate hikes.
Surprisingly, Tesla’s estimated lease payments seem to be identical to last month. For example, the 2022 Model 3 is listed at $499 for 36 months with $5,694 due at signing before state plug-in rebates. That’s the same price as before and could signal an effort by Tesla to potentially help incentivize leasing over buying.
Having said that, it’s important to keep in mind that Tesla doesn’t allow lease buyouts, which may limit your options if you want to keep your car. Those interested in a new Tesla should be aware that the company is now quoting delivery estimates stretching into July 2023 for certain vehicles like the Dual-Motor Model X.
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