Tesla Launches 0% Financing For Model 3 And Model Y With Mandatory FSD Technology Add-On

Tesla has unveiled a compelling financing offer of 0% APR financing on new Model 3 and Model Y electric vehicle (EV) purchases in the United States (U.S.), but with a significant catch, buyers must opt for the $8,000 Full Self-Driving (FSD) package.

According to Tesla, the company is offering 0% APR financing for up to 72 months, with a minimum down payment of 15%. This translates to a monthly payment of $13.88 per $1,000 financed. For eligible buyers, the $7,500 federal tax credit can be applied to the down payment, making the deal even more attractive. There is also a leasing option available, with $0 due at signing for those preferring to lease rather than buy.

A key condition of this offer is the mandatory purchase of Tesla’s Full Self-Driving (FSD) package, which is priced at $8,000. This requirement underscores Tesla’s strategy to increase the adoption of its advanced driver assistance technology.

For buyers, this financing offer could lead to substantial savings, with potential savings of around $100 per month, or $6,000 over a 60-month loan period. However, the required $8,000 purchase of the FSD package will offset some of these savings, making it important for buyers to consider the value they place on Tesla’s FSD features.

Tesla’s push for mandatory FSD purchases seems to be part of a broader strategy aimed at increasing the number of FSD-equipped vehicles on the road. By doing so, Tesla can collect more data to improve its technology while potentially benefiting from word-of-mouth marketing. More FSD users could lead to increased interest and sales from potential customers who hear positive feedback from current owners.

This offer comes at a pivotal time for Tesla. While EV deliveries were down 7% year-over-year in the first half of 2024, Tesla rebounded with a 6% increase in sales during Q3, delivering 463,000 units. However, the company has faced pressure on its operating profit margins, which fell from 10% to 6% year-over-year in Q2. Tesla’s current strategy, including this financing offer, seems to be part of its broader effort to sustain growth amid these industry challenges.

Read More: Tesla Sees Q3 2024 Surge With EV Deliveries While Facing Challenges Ahead

The timing of this offer is noteworthy, coming just before Tesla’s highly anticipated “Robotaxi Day”. During this event, Tesla is expected to discuss the current state of its self-driving technology and potentially outline plans for launching a self-driving cab service in the near future.

As the EV market continues to evolve, it remains to be seen how this bold move will impact Tesla’s sales, profitability, and position in the increasingly competitive autonomous driving space.

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