Tesla Australia Reduces Interest Rate on Model Y to a Low 2.99%
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Fast Overview
- Tesla Australia has slashed the interest rate for loans on new Model Y vehicles to only 2.99%.
- This competitive rate is available until the conclusion of 2024 for select Model Y variants.
- With a $0 down payment, your monthly costs begin at A$1,127, or A$260.28 weekly.
- For those making a 50% down payment, weekly expenses can dip to A$130.02.
- Owning a Tesla EV could reduce your petrol expenses, potentially lowering your weekly net cost to A$108.77.
- Charging your Tesla might cost as little as $0.08/kWh with the right electricity rate.
- Financing is arranged through Plenti Finance Pty Ltd with terms extending up to 5 years.
Tesla Australia Cuts Interest Rate on Model Y Financing to 2.99%
Tesla Australia has unveiled a notable decrease in the interest rate for financing its well-liked Model Y, now providing an appealing 2.99% rate on loans for vehicles in stock. This move is advantageous for those aiming to transition to electric vehicles (EVs) while steering clear of the elevated interest rates often linked with car financing. In a region where vehicle loan rates frequently begin at 5% to 6%, this offer stands out as a commendable deal.
Let’s explore the implications for Australian consumers.
Available Until the Conclusion of 2024
This offer is available for transactions finalized by the end of 2024, creating a time-sensitive chance for anyone contemplating an electric vehicle. The low rate applies to specific Model Y variants, such as the Rear-Wheel Drive and Long Range All-Wheel Drive models present in Tesla’s current lineup.
Cost Breakdown: What You’ll Be Paying
Tesla’s Model Y starts at A$57,300 (excluding taxes and fees) for vehicles with fewer than 50km on the clock, making it an appealing option for those seeking a nearly-new vehicle. But what does this attractive interest rate signify for your monthly finances?
– With a $0 down payment, your monthly payment would be A$1,127, equating to about A$260.28 per week.
– With a 50% down payment (A$30,600), your monthly payments reduce to A$563, or around A$130.02 weekly.
These rates remain competitive, especially when juxtaposed with average car loans accessible in Australia today.
Savings on Fuel Expenses
In addition to the low-interest rate, Tesla showcases the savings you will reap on fuel. With petrol prices averaging A$1.62 per litre and electricity costing as low as $0.36/kWh, Tesla estimates potential savings of approximately A$92 monthly on fuel alone. When broken down, this translates to approximately A$21.25 weekly savings. This could reduce the effective weekly cost of owning a Tesla Model Y to as low as A$108.77.
Additional Charging Savings
For proactive Tesla owners, the savings extend beyond just fuel. Depending on your electricity rate plan, charging your Tesla could cost as little as $0.08/kWh, further minimizing your vehicle’s operation costs. With an optimal plan, charging could even become a cheaper option compared to traditional petrol-powered vehicles.
Financing Terms & Conditions
The 2.99% interest rate pertains to a secured car loan of A$30,000 over a 60-month term. To take advantage of this deal, you’ll need to place your order for the Model Y and obtain financing approval by December 20, 2024. Vehicle delivery must occur by December 31, 2024.
It’s crucial to be aware that this offer is exclusively for purchases from new inventory of the Model Y Rear-Wheel Drive and Model Y Long Range All-Wheel Drive variants. The loan must span up to five years, and balloon payments are excluded from this offer.
Financing Collaborator: Plenti Finance
Tesla has formed a partnership with Plenti Finance Pty Limited to deliver this financing solution. Plenti RE Limited, the service provider, holds both an Australian Financial Services Licence and an Australian Credit Licence. Both organizations are participants in the Australian Financial Complaints Authority (AFCA), ensuring comprehensive consumer protection.
If this offer piques your interest, it’s advisable to assess your financial circumstances thoroughly and potentially consult a licensed financial professional to confirm it’s the right match for you.
Conclusion
Tesla’s choice to provide a 2.99% interest rate on Model Y inventory sales is a strategic initiative aimed at enticing more Australian consumers into the electric vehicle segment. With increasing fuel prices and a growing interest in sustainable transportation, this offer presents a cost-effective avenue for many to shift towards electric driving. The savings on fuel and the prospect of reduced charging expenses provide additional motivation, making the Model Y not just an environmentally friendly option but also a smart financial decision.
Q&A
Q: Until when is the 2.99% interest rate offer available?
A:
The 2.99% interest rate is available on qualifying Tesla Model Y inventory purchases until the end of 2024. You must place your order and receive financing approval by December 20, 2024, and your vehicle must be delivered by December 31, 2024.
Q: What is the entry price for a Tesla Model Y in Australia?
A:
The starting price for a Tesla Model Y in Australia is A$57,300, before taxes and fees. This applies to vehicles that have been driven for less than 50km, rendering them nearly new.
Q: How much can I save on fuel by opting for a Tesla Model Y?
A:
Tesla estimates potential savings of around A$92 monthly on fuel expenses, which breaks down to approximately A$21.25 weekly. These savings are calculated based on driving 15,000km annually and comparing an average petrol price of A$1.62/litre with charging at $0.36/kWh.
Q: Can I charge my Tesla for less than Tesla’s estimate?
A:
Yes, depending on your electricity plan. Some Tesla owners have reported charging their vehicles for as low as $0.08/kWh by choosing the right electricity provider.
Q: Is a down payment necessary for Tesla’s financing option?
A:
No, it’s possible to finance the vehicle with a $0 down payment. However, contributing a greater amount upfront will lower your monthly payments. For example, a 50% down payment could reduce your monthly payment to as little as A$563.
Q: Who supplies the financing for Tesla vehicles in Australia?
A:
Financing is supplied by Plenti Finance Pty Limited, backed by its servicer, Plenti RE Limited. Both entities are authorized by the Australian Securities and Investments Commission (ASIC) and are part of the Australian Financial Complaints Authority (AFCA).
Q: Are balloon payments permitted under this financing scheme?
A:
No, balloon payments are not permitted under this financing scheme. The loan terms must not exceed five years without an option for balloon payments.
Q: What should I take into account before applying for Tesla’s financing proposal?
A:
It’s vital to analyze your financial situation in detail. Consider consulting an independent financial advisor to confirm that the financing terms align with your requirements. Be aware that the comparison rate provided may not reflect all fees and charges.