Tesla's New Option Credit: Free Upgrades for Model 3 and Y Leases
Hey everyone, DennisCW here! If you're in the market for a new Tesla, you've probably noticed some exciting new incentives popping up. In my latest video, I broke down the new option credit that's being heavily promoted by Tesla. It sounds fantastic at first glance—a free exterior or interior upgrade—but as always, there's some fine print you need to know about. Let's dive into the details and see if this deal is right for you.
What Is the New Option Credit?
Tesla is offering one free option credit for new Model 3 or Model Y orders. This isn't entirely new; they've done similar incentives in past quarters, often through sales reps. But now, it's front and center on their website, making it more accessible to everyone.
The credit allows you to pick a premium upgrade at no extra cost:
- Premium paint options, like Quicksilver or Ultra Red (valued at around $2,000).
- 20-inch wheels (also around $2,000).
- White interior.
- Tow hitch.
Instead of assigning a specific dollar value, Tesla lets you choose an option and nets it out to zero cost. It's a smart way to add value without complicating the pricing.
The Big Caveat: You Must Lease the Vehicle
Here's where things get tricky. This option credit is only available if you lease the Model 3 or Model Y. You can't combine it with Tesla's attractive 1.99% financing rate, as that's for purchases, not leases.
If you're set on buying outright, this deal won't apply. However, there's a potential workaround: lease the vehicle and then buy it out later. This could make sense, especially with Tesla's current $6,500 federal lease incentive. By leasing first, you could stack the free option credit on top of that incentive and then finance the buyout.
Lease Buyout Considerations
- Pros: Get the free upgrade plus the $6,500 incentive, potentially saving thousands.
- Cons: Expect fees like $1,000–$1,500 for the buyout process. You'll need outside financing, and stellar credit is a must since you're essentially handling two loans back-to-back.
I've seen this strategy work for some buyers, but it's not for everyone. Make sure to crunch the numbers and consult with a financial advisor.
My Take on the Best Options
Personally, I'd skip the 20-inch wheels—they don't look as sharp as the standard ones in my opinion. Instead, go for a premium paint like Quicksilver or Ultra Red for that $2,000 value. It's a great way to customize your Tesla without breaking the bank.
This offer applies to both the Model 3 and Model Y, with similar options like Nova wheels or white interiors available. It's a solid incentive if leasing fits your lifestyle.
Don't Forget These Tesla Tips
If you're ready to pull the trigger on a new Tesla, use a Tesla referral code to save up to $1,000 on your purchase or lease. Check the link in my video description or below—it's an easy way to stack more savings.
Also, every new Tesla owner should invest in quality all-weather floor mats. They don't come standard, and after testing options from 3D Maxpider, Tesmanian, and various Amazon brands, my top pick is 3W Liners. I've got them in my Model X, Model 3, Model Y, and even Cybertruck—they're durable, fit perfectly, and keep your interior spotless.
Use my promo code (linked below) to save 25% and get a set for under $100. It supports the channel too—win-win!
Final Thoughts
Tesla's new option credit is a tempting deal for leasers, offering real value on upgrades that can elevate your ride. Just remember the lease requirement and weigh the buyout option carefully. What do you think— is this incentive enough to sway you toward a lease? Drop your thoughts in the comments below, and if you enjoyed this breakdown, subscribe to my channel for more Tesla updates.
Disclaimer: Incentives and offers can change, so always verify with Tesla's official site. This is not financial advice—do your own research.
