Tesla Just Made The New Model Y Leases More Affordable Than Ever

Tesla is pushing hard on its updated Model Y lineup, trimming lease costs and setting an end date for a low-interest financing offer that’s been floating around for a while.

Let’s focus on the lease deal first because it’s the best we’ve seen so far. Earlier this month, Tesla tried to sweeten the deal on the Model Y by releasing the new and more afforable Long Range RWD version.

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Tesla has reworked the lease terms (likely by reducing the Money Factor / interest rate) so the Long Range RWD can be had for $491 a month on a 36-month, 10,000-mile-per-year lease with zero down, before taxes and fees. That figure drops even more if your state throws in EV incentives. In Massachusetts, for example, a $3,500 state rebate brings the payment down to just $380 a month. Prefer a shorter lease? A 24-month term with the same mileage costs $525 per month before taxes and fees.

Step up to the dual-motor Long Range AWD version and the numbers have been lowered too. Tesla has knocked around $75 off the previous monthly lease rate, bringing it down to $530 per month for 36 months and 10,000 miles. Apply that same Massachusetts incentive and you’re looking at $421 a month. The 24-month lease for this trim is $560.

In terms of financing deals, the Model Y Long Range All-Wheel Drive is still available with an APR of just 1.99 percent. Notably, that deal is available for a minimum down payment of 15% plus applicable taxes and fees for up to 72 months. Those who do need to use the 84-month term are subject to a much less appealing 6.44 percent APR. That has been the case for a little while now, but Tesla is putting a deadline on it. It’ll end after June 16.

Finally, the Long Range RWD version isn’t available with 1.99 percent financing. The best rate available on it right now is 5.49 percent. Granted, the total price difference between the two versions is just $4,000 total so moving up to the AWD variant is probably what Tesla wants customers to do. 

Tesla being Tesla, just because those better APRs expire on June 16 doesn’t mean they’re gone for good. All it takes is a little patience. If inventory doesn’t move fast enough, there’s a decent chance Tesla brings them back, or maybe even throws out a zero percent deal before the year’s over.