Tesla bumps Model Y lease price as monthly payment promo fades ahead of tax credit expiration
Tesla seems to be responding to the increased Model Y demand with an adjustment in the myriad of incentives it has launched this quarter, including a rise of the monthly lease payment.
Until recently, one could get a base Model Y for just $349/month and $3,000 down payment when the federal tax credit is applied. The deal was supposed to run until the end of the quarter, but Tesla has now put the kibosh on it and raised the Model Y RWD price by demanding $399 in lease payments.
Tesla did warn at the last quarterly earnings call that once the end of the quarter nears, it will start withdrawing incentives, and it has now delivered the first Model Y price bump in 18 months or so. The Model Y also enjoys a promotional APR financing rate of 3.49% at the moment, which, however, is set to continue if one takes delivery until September 30th.
Historically, Tesla increases the Model Y lease pricing when it sees strong demand and diminishing inventory. This hasn't happened for a while, as the tepid EV market and Elon Musk's political activism brought about several weak sales quarters.
With the federal tax credit expiring prematurely on September 30th, however, Tesla fans might be scrambling to get a Model Y delivered before the end of the quarter to take advantage of the free $7,500 in government subsidies they can use as a down payment.
The vast majority lease the Model Y, too, so increasing the monthly lease payment of the RWD Model Y from $349 to $399 is a clear sign that Tesla thinks there will be enough pent-up demand to absorb the increase, especially when stacked against all the other current Model Y promos.
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