Tesla Introduces Zero-Down Leases for Pre-Owned Model 3 and Model Y in the US

Tesla is now offering $0 down leases on used electric vehicles in its inventory. This move comes amid poor sales figures across multiple markets.

Lease Details

The company is offering $0 down on leases up to an annual 15,000 miles on used Model 3 and Model Y vehicles. The lease is available for California and Texas, with leases up to 24 months on both vehicles. There is no down payment, but Tesla will charge an acquisition fee of $695 during signing, alongside the first monthly payment, as well as taxes, registration, and other fees.

Tesla’s Current Situation

The news comes amid Tesla’s lackluster sales, which have been on the decline for some time. The company has seen a significant drop in sales in various markets, including a 60% drop in UK sales and an 88% drop in deliveries in Sweden.

Other Challenges Facing Tesla

Tesla also faces multiple lawsuits over its FSD technology, including a class-action lawsuit filed by customers in California over misleading FSD claims. The company’s Robotaxi also faces legal challenges, with investors suing Tesla over safety concerns.

Model Y L and Elon Musk’s Pay Package

Meanwhile, Elon Musk has hinted that the Model Y L, a 6-seater variant of the Model Y SUV, might not be coming to the US. This has drawn mixed reactions from Tesla’s fans. At the same time, a group of Tesla investors has voiced “serious concerns” about Musk’s new $29 billion pay package and has demanded a NASDAQ probe into the compensation award.

Conclusion

Tesla’s introduction of zero-down leases for pre-owned Model 3 and Model Y vehicles is an attempt to boost sales amid declining figures. However, the company faces various challenges, including lawsuits, declining sales, and controversy over Elon Musk’s pay package. As the electric vehicle market continues to evolve, it will be interesting to see how Tesla navigates these challenges and emerges in the future.

  • Cathie Wood’s ARK Invest says Tesla Robotaxi could represent 90% of TSLA’s value, with the global autonomous taxi market potentially reaching $10 trillion by 2030.