Rise in Lease Costs for Tesla's Model 3 and Model Y Vehicles in the U.S., Effective From September 21st
Tesla and Competitors Adjust Lease Rates Ahead of Federal Tax Credit Expiration
In a move that could spur end-of-quarter deliveries, Tesla has announced a rise in lease rates for its Model 3 and Model Y vehicles, effective from September 21. The current monthly lease costs for the Model 3 Long Range Rear-Wheel Drive, Model 3 Long Range All-Wheel Drive, and Model Y Long Range All-Wheel Drive are $299, $499, and $449 respectively, while the Model Y Long Range Rear-Wheel Drive is priced at $399. The Model 3 Performance All-Wheel Drive currently leases for $699 per month.
The federal electric vehicle tax credit, which offers a $7,500 reduction on the purchase price or lease of qualifying electric vehicles, is set to expire on September 30. To qualify for this credit, customers must place their orders and take delivery of their Tesla vehicles before the deadline. Both cash purchases, financed sales, and leases for Model 3 and Model Y remain eligible if delivered on time.
Tesla is not the only company adjusting its strategies to help customers take advantage of the tax credit before it expires. Hyundai has announced leasing discounts on its electric cars in the USA, allowing customers to fully benefit from the $7,500 US tax credit before it expires on September 30th.
In a broader industry shift, Lucid is offering a $7,500 lease credit on its upcoming Gravity SUV. Leasing has become an increasingly popular option for U.S. consumers to take advantage of the full $7,500 credit.
Tesla is also offering temporary perks such as $1,000 discounts for military members, first responders, teachers, and students. Additionally, Tesla customers can opt for the Full Self-Driving (Supervised) software on a one-month trial basis, and there's an option to transfer FSD from an existing vehicle.
The expiration of the federal electric vehicle tax credit on September 30 could lead to a surge in deliveries for Tesla and other electric vehicle manufacturers, as customers rush to take advantage of the savings before the deadline.
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