In the battle for EV market share in the U.S., the Tesla Model Y reigns supreme, moving an estimated 395,000 units in 2023 and making up nearly forty percent of new EVs sold during the first quarter of the 2024 calendar year. Now, Tesla is looking to continue that momentum by extending its low-interest financing offer for the Model Y. For the moment, Cadillac has yet to respond.
Tesla recently extended its 1.99-percent APR financing offer for the Model Y through the month of September, making the compact crossover particularly attractive for cost-conscious EV shoppers. As such, the Model Y could be seen as an appealing alternative to the Cadillac Lyriq.
The Model Y is available in three variants, including the Long Range Rear-Wheel Drive variant, starting at $44,990, the Long Range All-Wheel Drive variant, starting at $47,990, and the range-topping Performance All-Wheel Drive variant, starting at $51,490. These prices do not include incentives or savings, with all three potentially eligible for a federal tax credit up to $7,500. All three also include the attractive 1.99-percent APR offer.
Meanwhile, the Cadillac Lyriq is available this month with the $7,500 Ultium Promise bonus cash incentive for those models excluded from the federal tax credit, or $3,000 toward a lease. However, Cadillac does not offer any financing offers. Notably, GM doesn’t offer any special financing for the Chevy Blazer EV or Equinox EV either, but rather, only a lease deal for Blazer EV and bonus cash for the Equinox EV.
Although the Tesla Model Y is priced closer to the two Chevy EV crossovers just mentioned, Tesla is generally considered a premium brand, and as such, it’s more competitive with Cadillac than it is with Chevrolet. All things considered, we’d like to see GM offer a special financing deal on the Cadillac Lyriq similar to that offered for the Tesla Model Y if GM is serious about capturing market share away from Tesla in the premium EV segment.
Comment
In what universe is a Tesla Model Y a luxury model? I previously had a Mach E, which is much more high end than a Tesla Model Y.