It’s no secret Tesla hasn’t been having the greatest year. Its CEO, Elon Musk, remains acontroversial figure, and the company’s sales havebeen decliningin three of its biggest markets: the US, Europe,and China. While Tesla still leadsUS electric vehicle (EV) sales, that might change once the $7,500 federal tax credit expires on September 30.
To boost EV sales before the tax credit ends, Tesla has introduceda new round of incentivesto encourage US buyers to purchase a new Tesla. For all new Tesla sales, the automaker is offering a $7,500 lease incentive, a $1,000 discount for American Heroes (including military personnel, first responders, teachers, and students), a one-month complimentary trial of Full Self-Driving Supervised (FSD) mode, and a Premium Connectivity Trial.
Additionally, the automaker is offering even more incentives that vary depending on the model you select, including the Model 3, Model Y, Cybertruck, Model S, and Model X. All these incentives are part of Tesla’s strategy to increase delivery numbers before the end of this sales quarter and before the federal tax credit expires. Once the $7,500 tax credit is gone, EVs sales in the US are expected tosubstantially drop.
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Tesla is offering reduced APR rates and free upgrades
Congress enacted legislation that ends the federal EV tax credit
For its Model 3 EV, Tesla is offering a reduced APR financing rate of zero percent for up to 60 months with FSD and a 2.49 percent APR without it. Tesla is also offering a $299 monthly lease for 24 months or $349 monthly lease for 36 months, with a $3,000 down payment. For cash purchases of the Model 3, Tesla is offering 18 months of free supercharging.
For the Model Y, Tesla is offering a reduced APR financing rate of 3.49 percent (down from 5.54) and a lower monthly lease payment of $349 on a 36-month term with a $3,000 down payment.
Other automakers, such as Ford andRivian, are also offering purchase incentives to attract buyers before the federal tax credit ends.
Tesla is, of course, emphasizing that you can receive the $7,500 federal EV tax credit at the point of sale for both vehicles. It also offers one free upgrade based on store inventory, which Tesla describes as “Only for limited on-site inventory while supplies last. Price displayed on inventory listings already deducts the cost of the free option.”
Moving on to the Cybertruck, which hasn’t receivedthe best reception, Tesla is offering a zero percent APR financing rate when you add FSD mode, along with a free 20-inch Cyber Wheel upgrade (valued at $3,500) on lease orders. For the Model S and Model Y, Tesla is offering “One Free Upgrade,” which makes your highest-priced exterior or interior upgrade free when you purchase Full Self-Driving (Supervised). If you don’t add FSD, which costs an additional $8,000, you get nothing. You can view all the incentives available in detail onTesla’s website.
Other automakers, such as Ford andRivian, are also offering purchase incentives to attract buyers before the federal tax credit ends. Ford, in particular, is providing free home chargers and installation until the end of September (viaReuters). The $7,500 federal tax credit will no longer be available starting September 30, following legislation passed by the US Congress to discontinue it.
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