Tesla extends Model Y's 1.99% APR promo in the US

Tesla has given buyers of the new Model Y more time to take advantage of its current promotion. The 1.99% APR offering will now close on June 30 instead of June 16 in the US.

The American automaker changed the terms and conditions on its website to reflect that the discount applies to Long Range AWD Model Y's delivered by the end of June. The update was first mentioned by Tesla investor Sawyer Merritt on X.

Tesla noted that buyers must make a down payment of at least 15 percent in addition to taxes and other fees. However, the company will allow buyers who qualify for the $7,500 federal tax credit to save it toward their deposit.

Here is the relevant part of the update:

"Promotional rates valid for well-qualified buyers with excellent credit who order a new Model Y LR AWD and take delivery by June 30, 2025, with a minimum down payment of 15% plus applicable taxes and fees. If you qualify for the $7,500 federal tax credit, this amount can be used towards your down payment."

Buyers should note that the offer can be combined with Tesla promotions such as the Refer and Earn Program but not with the $2,000 Model Y Loyalty Incentive.