The new deal is eligible for every version of the Model Y, and for cars delivered up until June 30
- While the financing deal is tempting, it does require a $10K down payment.
- The same five-year zero-interest financing deal is available for the Model 3.
While the Tesla Model Y has been the world’s best-selling car for the past two years, even Tesla understands that sometimes shoppers need some encouragement. As such, it started offering a five-year, zero-interest financing option for the new Model Y. Unfortunately, this deal is only for China.
Tesla offers the new Model Y in rear-wheel drive and long-range dual-motor guises in China, priced from RMB 263,500 (~$36,000) and RMB 313,500 (~$42,800), respectively. Through the new financing program, a new Model Y can be secured with monthly payments as low as RMB 3,060, the equivalent of just $418.
Read: Why Tesla Pulled The Model S And X From China
However, it’s not all sunshine and rainbows. While that monthly payment is completely reasonable, there is a minimum down payment of RMB 79,900, or just over $10,000.
CNEVPost reports that the zero-interest financing deal is available with any version of the new Model Y delivered in China by June 30. A similar five-year financing incentive is also available for the Model 3 for the same period.
Will The US Get The Same Deal?
While it’d be nice to see Tesla offer a similar financing option for the Model Y in the US, we’re not getting our hopes up. While America’s EV market is growing increasingly competitive as brands release compelling new EVs, it’s nowhere near as cutthroat as in China.
There are numerous direct rivals to the Model Y in China, including the Xpeng G6, Zeekr 7X, BYD Sealion 7, Leapmotor C10, Deepal S07, and the list goes on and on. Xiaomi will also soon launch its YU7, the SUV version of its hugely popular SU7 sedan that’s become a social media sensation across China. If Tesla wants to convince Chinese shoppers to buy from an American brand, it needs to offer deals that are too good to refuse.
