Tesla in China offers favorable conditions for buying its cars—whether in flexible installments, or with zero down payment. This stimulates even more demand for the manufacturer's cars in China, which already is quite high.
CN EV Post reports that a new financial product was launched on Tesla's website in China today. It invites consumers to purchase vehicles on a zero down payment leasing model. So, for example, if customers purchase Model Y Standard Range at a price of RMB 276,000, the initial payment for the program is zero, and the monthly payment is RMB 5,520 when paid in installments for five years. The actual purchase price of the car for the consumer will be RMB 331,200, RMB 55,200 yuan higher than the original price of the car. This implies an annual interest rate of 4 percent.
In addition, Tesla offers a flexible finance lease option with maturities of up to five years. Consumers can choose the option for one year. This will involve a 50 percent down payment and a 50 percent final payment. In addition, consumers can also choose a three-year or five-year option with an initial payment of 20 percent and a final payment of 30 percent of the car's cost. Those who buy Model Y Standard Range can make an initial payment of RMB 55,200, a monthly payment of RMB 3,272, and a final payment of 30 percent.
The above options are rental options, which means that the consumer does not own the vehicle during the maturity period and will not purchase it until the end of the period.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.