A 2022 used Model S at $45,000 with 31,000 miles carries a 6.22% rate while a new Model Y qualifies for Model Y 0.9% APR financing through referral.
The Real Cost Difference
The monthly payment on that used Model S lands at $793 for 60 months. Over the full term you pay roughly $47,580 in total. A new Model Y at 0.9% keeps total interest under $2,000 even if you stretch payments to 72 months. That gap alone changes the Tesla Model S vs Model Y comparison.
Used Model S Warranty Value
The 2022 Model S still has bumper-to-bumper coverage until September 2026 or 50,000 miles and battery coverage until 2030. After the factory warranty expires, repair costs on Model S and Model X vehicles often climb quickly. Adding an extended warranty adds several thousand dollars and still leaves gaps.
Model Y 0.9% APR Financing Advantage
Low-rate financing lets you keep cash liquid. Many buyers can invest the difference at returns above 6% while the loan stays cheap. The referral link also unlocks three months of free Full Self-Driving, something the used Model S purchase does not include.
Check current Model Y 0.9% APR financing options here
Tesla Model S vs Model Y Comparison
| Feature | 2022 Used Model S | New Model Y |
|---|---|---|
| Price | $45,000 | ~$46,000 after incentives |
| Interest Rate | 6.22% | 0.9% |
| Total Interest (60 mo) | ~$2,580 | ~$1,200 |
| Remaining Warranty | 20k miles / Sept 2026 | Full 4yr/50k + battery 8yr |
| Mileage | 31,000 | 0 |
| Monthly Payment | $793 | ~$720 |
Used Tesla Model S Payments Reality
High interest on used Tesla Model S payments forces faster payoff or higher total cost. If you plan to keep the car past warranty, the risk rises. New Model Y buyers avoid that pressure entirely.
Tesla Buying Decision 2026
If this is your first Tesla, the new Model Y remains the safer choice. You receive full warranty coverage, latest hardware, and the lowest possible financing rate. The used Model S only makes sense as a second or third vehicle when you already understand Tesla maintenance and can self-insure against potential repairs.
Compare low-interest financing versus typical car loans
Who Should Choose the New Model Y
- First-time Tesla owners
- Buyers who want to keep payments under $750
- Anyone planning to keep the car past 2028
Who Should Choose the Used Model S
- Experienced Tesla owners comfortable with potential repairs
- Drivers who can pay off the loan in under 36 months
- People who value the larger sedan size and air suspension
Bottom Line
The new Model Y vs used Model S decision comes down to risk tolerance and financing math. For most buyers the 0.9% rate and full warranty on the Model Y win. Only those who already know the Model S platform and can handle earlier warranty expiration should consider the used route.
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