New vs Used Tesla Model Y: Is the 0.99% APR Deal Worth It?
Hey everyone, DennisCW here! If you're eyeing a Tesla Model Y, you're probably wondering: should I buy new or used? Especially with that killer 0.99% APR financing on new ones. I saw a great post breaking this down and wanted to dive deeper—comparing apples to apples on price, features, warranty, and more. Let's break it down so you can make the smartest choice.
Pros and Cons: New Model Y (Premium RWD)
Pros:
- Insanely low 0.99% financing – Saves you thousands in interest.
- Full factory warranty: 4 years/50,000 miles basic + 8 years on the battery.
- Latest hardware (HW4): Future-proof for Full Self-Driving (FSD) and updates. No front bumper camera yet? Tesla might retrofit.
- Exact trim availability: Get the premium RWD you want.
- 3 months free FSD with a referral code (link in bio/description).
Cons:
- Higher upfront price (~$45K+ before taxes).
- Insurance might sting a bit more (though it's similar for new/used Teslas).
- Faster initial depreciation (tip: keep it long-term!).
Pros and Cons: Used Model Y
Pros:
- Lower purchase price: $30K–$35K range for HW4 models.
- Basic Autopilot included on many.
- FSD transferable or $99/month subscription.
Cons:
- Higher financing rates: 5–7% APR typical (credit unions/banks), jacking up total cost.
- Shorter/no warranty: Risky without full coverage.
- Avoid HW3! Older tech limits FSD. Use TeslaROR (shoutout to Chad) to filter for HW4.
- Hard to find exact premium RWD trim.
- No 0.99% deal or new-car incentives.
Crunching the Numbers: Financing Comparison
Let's do the math for a realistic scenario (72-month loan, $10K down, ~7.25% tax):
| Scenario | Price | APR | Monthly Payment | Total Interest | Grand Total |
|---|---|---|---|---|---|
| Used ($35K) | $35,000 | 6% | ~$520 | ~$6,000 | ~$46,000 |
| New ($50K) | $50,000 | 0.99% | ~$680 | ~$1,400 | ~$51,400 |
Key takeaway: Monthly is higher on new, but you save $4,600 in interest and get warranty + latest tech. If paying cash? Used wins. Financing? New crushes it.
My Recommendation
Go new if financing—low rates + warranty outweigh the premium. Teslas are reliable, but service center visits happen. Plan to keep it 5+ years to beat depreciation. For used, stick to HW4 under $35K via TeslaROR.
Quick Incentives Update
Tesla's 20,000 miles free Supercharging ends this Wednesday! Order now to lock it in. Use my referral code for 3 months free FSD + up to $1,000 off.
Selling your current EV? Check Plug—screenshots show $4K–$6K more than competitors. Instant offers in 15 mins, pickup in 2 days.
New Teslas don't come with mats—grab 3W Liners (my fave for Model X/Y/3/Cybertruck). Use code DENNISCW for 25% off (under $100/set)!
What do you think—new or used? Drop a comment! Subscribe for more Tesla tips.
-DennisCW
