Electric vehicle giant Tesla has announced the introduction of 0.99% annual percentage rate (APR) financing on Model 3 purchases in Canada. This offer is available for orders placed by March 7, with delivery required before April 1.
Key Details of the Promotion
- The 0.99% APR rate is applicable on loan terms of up to 48 months.
- This promotion is expected to boost sales, as the majority of customers purchase new cars on loans, and high interest rates significantly add to the purchase price.
Background on the Price Increase
The introduction of this financing option comes after Tesla recently hiked prices on the Model 3 in Canada. At the start of February, Tesla increased the prices of its entire car lineup in Canada, with:
- Model S, X, and Y variants seeing price hikes of up to C$4000.
- Model 3 prices increasing by as much as C$9000.
- The starting price of the rear-wheel drive variant of the Model 3 rising by C$4000, the all-wheel drive by C$8000, and the performance variant by C$9000.
Current Pricing of the Model 3 in Canada
The Model 3 now starts at C$59,990 (approximately $41,873 USD) in Canada, making it the cheapest vehicle offered by Tesla.
Future Plans for More Affordable Models
During its last earnings call, Tesla assured the start of production of new and more affordable models in the first half of 2025. This move is expected to further expand the company’s customer base and increase its market share in the electric vehicle sector.
Important Deadline for Financing Offer
To take advantage of the 0.99% APR financing, customers must place their orders by March 7 and take delivery of their Model 3 before April 1. This limited-time offer is an attractive opportunity for those looking to purchase a Tesla Model 3 in Canada.