Tesla intros cheaper Model Y leases with zero down payment for certified used vehicles

Tesla said that it will be gradually phasing out the Model Y APR financing deal depending on demand, and it has now bumped the promotional 3.49% to a higher 3.99% interest rate indeed.

Since the current quarter is the last one that buyers can take advantage of the $7,500 in federal tax credit discount, Tesla is evidently not suffering from lack of demand. Its Model 3 or Model Y vehicles are flying off the delivery lots, and Tesla doesn't need the full suite of incentives and promotions it introduced in July to spur buying interest after a rather disastrous Q2.

Still, some users are upgrading or returning their vehicles after a few thousand miles on the odometer, and Tesla needed some new type of incentive to clear the inventory of such preowned vehicles.

Used Model 3 and Model Y lease payments

Tesla is now introducing a cheaper way to drive a Model 3 or Model Y by leasing out certified preowned units from its inventory.

The cheaper leases for a used Model 3 or Model Y are for select inventory vehicles in states like Texas or California, with a choice of 12-month or 24-month lease terms. The annual mileage options one can choose from range from 10,000 to 15,000 miles per year.

The best part is that the cheaper leases for preowned Model 3 and Model Y vehicles in inventory come with a zero down payment option, so the buyer can drive off with a certified used Tesla starting at $192/month for the Model 3, or $225/month for the Model Y.

As with new purchases, Tesla now offers the option to buy the preowned vehicle at the end of the lease period, too, and the lease payments can be further reduced to $130/month after the modest $1,000 down for some Model 3 units in inventory.

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