The Truth Behind Tesla's Lower Model Y Lease Payments

Hey everyone, DennisCW here! Today, I want to dive into some exciting news from Tesla about their new lower lease payments for the Model Y. If you're considering leasing a Tesla Model Y—whether it's the Rear Wheel Drive (RWD) or All-Wheel Drive (AWD)—you'll want to stick around to understand the full picture behind these deals, including the interest rates and what they mean for you.

Tesla Drops Lease Payments for Model Y

Tesla recently announced reduced monthly payments for the Model Y RWD and AWD. We're now seeing lease payments as low as $3.99/month for the RWD and $4.99/month for the AWD. These are 36-month leases with just $1,000 down, which sounds like a fantastic deal at first glance. Plus, these offers can stack with various incentives, making them even more appealing.

But, as with any deal, there’s more to the story. I managed to get access to the interest rates tied to these leases, and they reveal some interesting details about how Tesla is structuring these lower payments. Let’s break it down.

Interest Rates Behind the Model Y Leases

For the Model Y RWD, the interest rate is now 7.3%, while the AWD comes in at 8.28%. To put this into perspective, I’ve been tracking Tesla lease rates for a while, and previously, the RWD had an interest rate of 9.49%, while the AWD was also at 8.28%. So, we’re seeing a decent drop for the RWD, but the AWD rate hasn’t budged at all.

This explains why the AWD monthly payment remains at $4.99, while the RWD saw a more significant reduction. However, when you compare these rates to Tesla’s Model 3 leases, there’s a stark contrast. The Model 3 RWD lease has an interest rate of just 2.67%, and the Long Range AWD is at 3.6%. Keep in mind, though, that Model 3 leases are for a 2-year term, while Model Y leases are for 3 years, which likely impacts the rates and payments.

Could Model Y Lease Rates Go Even Lower?

This brings us to the big question: could Tesla lower these rates further? Looking at the numbers, I think there’s still some room for improvement, especially when you consider the much lower rates on the Model 3. Interest rates are just one piece of the puzzle in lease calculations—factors like capitalized cost (starting price), residual value (value at the end of the lease), and various credits also play a role. However, if Tesla wants to push more Model Y leases in Q3 and Q4, we might see these rates drop a bit more.

What do you think? Are these rates low enough to tempt you into leasing a Model Y, or are you holding out for an even better deal? Let me know your thoughts in the comments!

Must-Have Tesla Accessories for New Owners

Now, if you’ve already bought a Tesla or are about to, here’s something you should know: your Tesla comes with zero accessories. Seriously, not even a phone mount! But don’t worry—I’ve got you covered with some must-have accessories that every Tesla owner needs.

Here are a few of my top picks:

• Phone Mount: Essential so your phone doesn’t go flying during those quick accelerations.
• Center Console Organizer: Without it, you’ll lose everything in that cavernous console.
• Invisible Underscreen Station Mount from Jowua: My newest favorite for storing sunglasses or other small items discreetly.

I’ve partnered with Jowua, a fantastic brand that offers these accessories and more. I personally use their products, so I can vouch for their quality. They’ve also got cool extras like a wireless game controller that fits perfectly in the glove box, a portable air compressor for peace of mind on road trips, and even an electric scooter (because who wants to walk from a Supercharger?).

If you’re interested, check out Jowua using the link below and use our promo code to save some money while supporting the channel. Plus, you can get free shipping on orders over $120. Thanks to Jowua for partnering with us!

Final Thoughts

Tesla’s lower lease payments for the Model Y are definitely eye-catching, but the interest rates tell a more nuanced story. While the RWD saw a nice drop, the AWD rate remains unchanged, and both are still significantly higher than Model 3 lease rates. I’m curious to see if Tesla will sweeten the deal further as we head into the latter half of the year.

What are your thoughts on these lease offers? Are you planning to lease a Model Y, or are you waiting for better rates? Drop a comment below—I’d love to hear from you! And don’t forget to check out Jowua for all your Tesla accessory needs.

Thanks for reading, and I’ll catch you in the next post!

-DennisCW