Introduction:
The competition in the electric vehicle market is heating up, with Audi offering competitive financing rates on its 2024 EV models. However, despite the lower interest rates offered by Audi, Tesla may still come out as a better deal overall. This article delves into the current financing options for Audi and Tesla electric vehicles, comparing rates, incentives, and overall cost to help potential buyers make an informed decision.
When it comes to financing rates, Audi currently offers 0.99% financing on all 2024 EV models for up to 60 months, which is lower than the rates of 2.99% to 6.49% offered on most of the brand’s other models. In comparison, Tesla is offering a 1.99% rate on the Model 3 and Model Y, and a 5.99% rate on the Model S and Model X. While Audi may have an edge in terms of lower interest rates, there are other factors to consider in determining the overall cost of ownership.
One key factor that could sway the decision in favor of Tesla is the availability of federal tax credits. Most Tesla Model 3 and Model Y variants are eligible for a $7,500 federal tax credit, reducing the overall cost of the vehicle. On the other hand, Audi EV models are not eligible for the tax credit under the current rules. This means that even with a lower interest rate, an entry-level Tesla EV could still end up being a better deal when considering the tax incentives available.
In comparing specific Audi and Tesla models, CarsDirect estimates a monthly payment of $680 for a Tesla Model Y Long Range AWD with the tax credit factored in, as opposed to around $870 for an Audi Q4 E-Tron over the same financing term. The Q4 E-Tron is Audi’s entry-level EV and competes directly with the Model Y. It is essential to consider not only the monthly payment but also the overall cost of ownership, including factors such as maintenance, warranty coverage, and resale value.
Audi’s EV lineup includes the Q4 E-Tron, E-Tron GT, RS E-Tron GT, and Q8 E-Tron. The Q4 E-Tron and E-Tron GT are receiving updates for 2025, with improvements in power and range. The Q8 E-Tron, based on the MLB platform, is another notable model in Audi’s electric vehicle range. Additionally, Audi will soon introduce the Q6 E-Tron crossover and A6 E-Tron hatchback, which will be based on the same platform as the 2025 Porsche Macan.
As the electric vehicle market continues to evolve, it is essential for buyers to stay informed about the latest financing options, incentives, and model updates from automakers like Audi and Tesla. With advancements in technology and increased competition in the EV segment, buyers have more choices than ever before. It is crucial to carefully evaluate all factors, including financing rates, tax incentives, model features, and long-term costs, to make the best decision when purchasing an electric vehicle.
Overall, while Audi may offer competitive financing rates on its 2024 EV models, including the Q4 E-Tron and E-Tron GT, Tesla’s federal tax credits and competitive pricing on models like the Model 3 and Model Y could still make it a better deal for consumers. By considering all aspects of ownership, including financing terms, incentives, and future models, buyers can make an informed decision when choosing between Audi and Tesla electric vehicles.