Electric Vehicle Spotlight: Financing a Tesla Model Y

The negative impact of fossil fuel emissions on climate change and the environment has become an important issue facing the world today, and some of the biggest contributors are the gas-powered vehicles we drive every day. However, as the government increases EV incentives in a bid to reduce emissions, and drivers look to shrink their carbon footprint and save money at the pump, electric vehicles are becoming more popular. And with demand on the rise and technology improving, automakers are jumping into the EV market with more and more all-electric options.

At the forefront of this electric revolution is Tesla, a company synonymous with innovation and disruptive technology. Tesla remains the most popular electric vehicle brand, and their versatile and stylish Model Y is now the best-selling car in the world. Known for its sleek design, advanced features, and impressive performance, the Model Y comes in three trims: All-Wheel Drive, Long Range, and Performance.

We’re going to take a look at what makes the different Model Y versions so popular with EV drivers, including all the tax credits, rebates, and incentives available for potential buyers. We’ll also look at Tesla financing and show you how to use those incentives to save money on a Tesla Model Y by financing through EV Life.

Tesla Model Y All-Wheel Drive

Unveiled in 2019, the Model Y All-Wheel Drive is Tesla's entry-level SUV. Its exterior reflects Tesla's smooth, futuristic aesthetic, with a sleek and aerodynamic design and a panoramic glass roof that provides an expansive view. The interior is simple and functional, centered around a 15-inch touchscreen that controls most of the vehicle's functions. The Model Y has plenty of cargo space, thanks to its sizable rear trunk, front trunk ("frunk"), and fold-flat second-row seats. The Model Y also offers optional third-row seating, allowing it to seat up to seven people.

Equipped with Tesla's signature all-electric powertrain, it has an EPA-estimated range of 279 miles on a single charge. The standard Model Y boasts a top speed of 135 mph and can accelerate from 0-60 mph in just 5.3 seconds. Priced at around $47,740, the Standard Range Model Y offers unparalleled value in the EV market.

Tesla Model Y Long Range

Also All-Wheel Drive, the Model Y Long Range offers enhanced features and superior range capabilities over the standard version. Its estimated 330 miles of range is perfect for drivers that want to take their Model Y on longer trips without frequent charging stops. With an acceleration of 0-60 mph in 4.8 seconds and a top speed of 135 mph, the Model Y Long Range blends practicality with performance.

Like all versions of the Model Y, the Model Y Long Range comes with advanced safety features, including collision avoidance and emergency braking. The MSRP is slightly higher than the standard Model Y, with the Long Range starting at $50,490.

Tesla Model Y Performance

The Model Y Performance is a perfect mix of safety, utility, and performance, with an emphasis on performance. Along with the standard features of the other two versions, the Model Y Performance offers a breathtaking acceleration of 0-60 mph in just 3.5 seconds and a top speed of 155 mph.

With an impressive range of 303 miles, the Model Y Performance combines speed, power, and efficiency to make it one of the most fun Teslas to drive. The price for the Model Y Performance is $54,490.

Comparing Model Y Options at a Glance

Tesla Model Y Tax Credits & Rebates

• Federal Tax Credit. The Inflation Reduction Act of 2022 introduced a new federal EV tax credit of up to $7,500 for qualified drivers looking to purchase an electric vehicle. All Model Y trims now qualify to use the federal EV tax credit of $7,500, and effective January 2024, the tax credit is available as a point-of-sale discount. But that’s just the beginning.
• Colorado Electric Vehicle Tax Credit. The newly expanded Colorado EV tax credit offers all Colorado residents who purchase an electric vehicle or plug-in hybrid electric vehicle with an MSRP of up to $80,000 a tax credit of up to $5,000. Effective January 1, 2024, new electric vehicles priced under $35,000 MSRP are eligible for an additional $2,500 state tax credit.
• The California Clean Cars 4 All program helps lower-income Californians by offering cash incentives of up to $9,500 to retire their older gas-powered vehicles and invest in EVs.
• Other State & Local Incentives. There are also plenty of state and local EV incentives available. Check EV Life’s Savings Calculator to see what you qualify for.

How EV Life Helps You Save Big on Model Y Financing

EV Life offers a smarter EV financing solution. Here’s how it works when you apply for an EV Climate Loan with EV Life:

• Pre-qualify for more than financing. EV Life’s application process is easy and fast. We’ll ensure that you qualify for every tax credit, rebate, and other incentive you’re eligible for, then help you file all the paperwork with our “Turbo Tax-style” incentive filing tools.
• Defer the Colorado EV Tax Credit. In Colorado, customers have the option to use your post-purchase Colorado EV tax credit of up to $5,000 like an incremental down payment on your auto loan, lowering your monthly payments by nearly $100/month.
• Bundle charging. An EV Life loan enables you to get an instant quote for home charger installation and bundle it into auto financing, reducing your upfront costs.
• One low payment. The EV Life loan applies all your savings directly to your loan, significantly reducing your monthly payment.

Don’t navigate the complex and ever-shifting EV incentive process alone. Financing with EV Life guarantees the best prices and the lowest rates on your EV, saving the planet while saving your pocketbook.

Get pre-qualified today to find out how much you can save on your Model Y.