Tesla Australia (@TeslaAUNZ) has updated the interest rate charged on loans on Model Y vehicles in their inventory. The new interest rate is now just 2.99% and appears that this new rate will be available between now until the end of 2024.
Right now, the inventory page in Victoria lists multiple new vehicles with < 50km on the odometer and the cheapest of which starts at $57,300 before taxes and fees.
If you hunt for vehicle loans right now, you’ll regularly see numbers starting with a 5 or 6, so an interest rate starting with a 2 is certainly going to appeal to many.
When we look at how the lower interest rate translates to a monthly charge, we see with $0 down payment, you’d be paying A$1,127 /mo (A$1,127 per month ÷ 4.33 weeks per month ≈ A$260.28 per week).
If we go the other extreme, the maximum of 50% down (A$30,600), this reduces the loan repayments to $563 /mo. This translates to ~$130.02 per week.
Naturally everyone’s circumstances are different but many have existing cars they could trade-in or sell privately to help with the down payment, or draw on savings.
Tesla also promotes the estimated petrol savings to represent the lower cost of ongoings when owning an EV. At an estimated $92 per month ÷ 4.33 weeks per month, this equates to an additional $21.25 per week off the price, making the net per-week cost to as low as $108.77 per week.
It is important to understand how Tesla arrives at those savings calculations, they are estimated over 5 years, expect you’ll travel around 15,000km per year and spend on average A$1.62/litre compared to $0.36/kWh.
Those regular readers of techAU will know it’s possible to get your Tesla charged for as little as $0.08c/kWh on the right power plan.
The example above requires you to pickup the vehicle from the Mulgrave Tesla Delivery Center, but for $10 you can catch the train from most major towns in the state.
If you are looking for more information about the car, my full review is available here – REVIEW: Tesla Model Y, Australia is about to fall in love with the ultimate family EV – techAU.
Terms & Conditions
Comparison rate is based on a secured car loan of $30,000 repaid over 60 months. Rates shown are current as at 3 October 2024. Terms, conditions and credit criteria apply. Fees and charges apply.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.Order and obtain finance approval for an eligible Tesla vehicle by 20 December 2024 and take delivery by 31 December 2024 to qualify.
Valid only for eligible inventory purchases of new Model Y Rear-Wheel Drive and Model Y Long Range All-Wheel Drive with finance loan terms up to five years. Not eligible with balloon repayments.
Credit subject to financier’s approval. Terms, conditions, fees and charges apply. Interest rates are subject to change.
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This information does not constitute financial advice and you should consider whether it is appropriate to your circumstances before you act in reliance on it.
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