The Tesla Model Y APR just went up again in the US. Tesla’s Current Offers page now lists 2.49% financing for the Model Y RWD, AWD, Premium RWD and Premium AWD on orders placed on or after October 22, up from 1.99%. Tesla investor Sawyer Merritt flagged the change on X early on October 23. That’s the official part. Separately, a Model 3 buyer posted a screenshot showing higher Model 3 lease quotes. Tesla hasn’t announced that change, so treat it as unverified for now. Yesterday we reported on a Tesla app warning that lease prices were about to rise. This looks like the follow-through.
What’s confirmed
Tesla’s own offer terms spell out the new Model Y rates. Well-qualified buyers who order a new Model Y on or after October 22, 2026 get 2.49% APR on the RWD, AWD, Premium RWD and Premium AWD. The Model Y Performance stays at 3.99%. Terms run up to 72 months, and you need at least 5% down plus taxes and fees. Tesla puts the payment at $14.99 per $1,000 financed at 2.49%, and $15.67 per $1,000 at 3.99%.
This is the second Model Y rate increase in less than a month. On September 28, Tesla moved the same four trims from 1.49% to 1.99%, as BASENOR and GetTesla reported at the time. Model 3 financing didn’t change this time. Tesla still lists 2.49% for the Model 3 Premium RWD and Premium AWD, and 1.99% for the Model 3 Performance, on orders from September 28 onward.
What does it cost you? Take $40,000 financed over 72 months and use Tesla’s own per-$1,000 numbers. At 1.99%, the payment is about $590 a month. At 2.49%, it’s about $600. That’s roughly $9 more a month, or about $660 over the full loan. It won’t sink a deal, but it adds up if you’re also paying more for insurance or picking more options.
Tesla’s Q3 2026 shareholder letter gives the likely reason, as Electrek reported. Tesla said it ended the quarter with “the largest backlog for our passenger vehicles in four years” and that battery availability was limiting how many cars it could build. When an automaker has more orders than it can fill, cheap financing is usually the first incentive it cuts.
What’s rumored or reported
On the leasing side, a post on r/TeslaModel3 early on October 23 shows the Model 3 lease screen in Tesla’s US configurator. It lists an estimated $439 a month for the Model 3 RWD, $449 for the Premium RWD, $499 for the Premium AWD and $649 for the Performance. One commenter says the RWD and Premium trims each went up about $20 a month and the Performance didn’t change. That fits Tesla’s earlier “from $419/mo” Model 3 lease offer, which MyTeslaIncentives lists as $3,000 down for 36 months and 10,000 miles a year. The screenshot doesn’t show the down payment or mileage, though, and we couldn’t load Tesla’s configurator to check it ourselves. So the exact increase is still unconfirmed.
The Reddit post matches the app notice buyers reported on October 22, which told them to submit Model 3 lease applications before 9 p.m. PT to keep the old pricing. Not everything from that day has held up, though. An X post relaying a Tesla sales rep’s message said APRs would rise on every Model Y except the Model Y L AWD. Tesla’s published terms do cover the regular Model Y trims, but they don’t mention the Model Y L at all. We can’t tell from them what rate the six-seater gets now.
Tesla Model Y APR at 2.49%: what buyers should do now
If you ordered a Model Y before October 22, check your financing in the Tesla app. Then ask your advisor, in writing, whether you locked in the old 1.99% rate. In the Reddit lease thread, one buyer said they ordered a few hours before the prices updated, so timing matters. If you haven’t ordered, get a quote from your bank or credit union before you accept Tesla’s rate. At 2.49%, Tesla’s financing isn’t automatically the cheapest option for buyers with strong credit. If you lease, rerun the numbers in the configurator. Monthly payments can go up even when the sticker price stays the same.
Prices vary by trim and state, so check the full 2027 Tesla lineup and pricing before you commit. If the new payment is too high, our list of cheaper Tesla alternatives covers EVs that cost less than a Model 3. We’ll update this story if Tesla confirms the lease changes or moves rates again before the end of the quarter.
