AUSTIN, Texas–Credit unions have a newly aggressive Tesla to content with in the used car loan space, as the company started offering leases of certified pre-owned cars, which one analysis noted is relatively rare in the industry, with $0 down as it “desperately tries to move vehicles before the end of the quarter.”
“With the federal tax credit for electric vehicles set to expire at the end of the quarter, automakers in the US are all trying to optimize EV sales, as demand is being pulled forward,” reported Electrek. “This also applies to used EVs, as the $4,000 federal incentive for used electric vehicles will also expire on September 30th.”
The report noted that while at present leasing used vehicles is much less common than leasing new cars, some automakers, and mainly dealers, do offer it. Tesla is getting into this business for the first time.
According to Electrek, in California and Texas, Tesla is now offering leases on certified pre-owned (aka used) Model 3 and Model Y vehicles.
‘Reasonably Priced’
“These are reasonably priced and can be as low as $215 per month with $0 down for a 24-month lease and 10,000 miles per year,” the report stated. “Tesla also offers a 12-month lease and up to 15,000 miles annually. While there’s no down payment needed, there’s an ‘Acquisition Fee’ of $695.”
Electrek added that with demand being pulled forward and future buyers feeling like they missed out on EV discounts, the U.S. EV market is expected to experience a significant slowdown over the next 12 to 18 months.
