Posted on July 21, 2023
Tesla has introduced an 84-month financing option for buyers in the United States, a move that could make Tesla vehicle ownership more accessible to a broader range of consumers.
Previously, Tesla's longest loan term was 72 months. The new 84-month financing option effectively extends the loan term by a full year, allowing buyers to spread their payments out over a longer period.
This extended loan term can lower monthly payments, making Tesla's electric vehicles more affordable on a month-to-month basis for many consumers. However, it's important for buyers to note that while the monthly payments will be lower, the total amount paid over the life of the loan will be higher due to the additional interest accrued over the longer term.
Tesla's move to offer an 84-month loan term is likely a response to the evolving auto market, where longer loan terms are becoming increasingly common. This trend reflects the rising prices of new vehicles, as consumers look for ways to manage the cost of ownership.
The introduction of the 84-month financing option is the latest in a series of measures by Tesla to make its electric vehicles more affordable and accessible. It follows recent price cuts and the introduction of more affordable entry-level models.
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