Tesla is holding firm on Model Y leases in May, maintaining competitive pricing despite extending the range of its entry-level variant.
The newly introduced “Long-Range” rear-wheel-drive Model Y, now boasting an EPA-estimated range of 320 miles, is available for lease at $399 per month with a $2,999 down payment (lease prices as of Sunday, May 5). It’s worth noting that this price excludes taxes and fees. Additionally, Tesla has introduced the Quicksilver color option for the Model Y as of Friday.
Although Tesla raised the price of the new Long Range variant by $2,000 to $44,990, the lease offer remains highly competitive. In fact, Tesla’s leasing options, particularly for the Model 3, are quite aggressive, making the Model 3 effectively a $30,000 car, according to Pat Ryan, Founder & CEO of CoPilot, an AI-assisted car shopping app.
“Incentives are currently popular as the industry seeks to offer consumers some relief on interest rates. The Model Y deal aligns more closely with this trend,” Ryan explained in a phone interview. Tesla has been exerting pressure on competitors in recent weeks with price reductions on the Model Y, Model S, and Model X in the U.S.
