As I sit here at the airport, about to embark on my next adventure, I can’t help but think about the important decisions we make in life. One decision that seems to be on the minds of many lately is whether to buy a new Tesla Model Y with a promotional interest rate of 0.99% or opt for a used one. The clock is ticking on this offer, and I wanted to break down the numbers for you before it’s too late.
I recently did the math on this myself and was surprised by the results. It seems that many people haven’t taken the time to crunch the numbers and see which option truly makes the most financial sense. So, before this promotional rate expires, let’s dive into the details.
First, let’s take a look at the new Model Y with the promotional interest rate. With a down payment of $4250 and a financed amount of $46,130 over 60 months, the estimated monthly payment comes out to be around $770. After calculating the total cost of the loan, including interest, it amounts to $46,246.
On the other hand, let’s consider a used 2020 Model Y with a financed amount of $24,450 at an interest rate of 8.79% over 60 months. The total cost of the loan, including interest, comes out to be $30,065. This results in a monthly payment of around $501.
When we compare the two options side by side, it becomes clear that the used Model Y is the more cost-effective choice. Not only does it save you over $16,000 in total costs compared to the new one, but it also offers a monthly savings of around $270.
While the new Model Y may come with certain advantages such as a longer warranty and less wear and tear, the cost-conscious consumer may find the used option to be the better deal overall. Of course, individual circumstances and location may vary, so it’s important to do your own research and calculations.
In the end, the decision between a new and used Model Y ultimately comes down to your budget and priorities. If you value cost savings and are willing to forgo some of the bells and whistles of a new car, the used option may be the way to go. However, if you prefer the peace of mind that comes with a brand new vehicle and are able to comfortably afford it, the new Model Y with the promotional interest rate may be the right choice for you.
As I prepare to board my flight, I hope this breakdown of the numbers has been helpful in guiding your decision-making process. Whether you choose to go with a new or used Model Y, remember to weigh the pros and cons carefully and make the choice that aligns best with your financial goals. Safe travels and happy car shopping!
