Porsche Will Pay You Handsomely To Give Up Your Tesla Model S

Porsche may be expanding its combustion engine lineup, but it’s still pushing to compete in the EV space. Its latest initiative to do so is called the Welcome to Porsche (WTP) program, specifically designed for customers currently leasing vehicles from competing brands. The program offers customers to switch to Porsche, where they can choose between the Taycan and Macan Electric.

Porsche’s WTP program doesn’t specify the brands interested customers should be coming from, but we presume they should be at least near the German marque’s price point, like maybe a Mercedes-Benz, BMW, or even a Tesla and its range-topping but aging Model S. What’s cool about it is that Porsche offers any variant of its EVs for its conquest deal, including the record-setting Taycan Turbo GT.

Of Course, Not Everyone’s Eligible

The WTP program provides qualifying customers with a credit of up to three payments, valued at a maximum of $1,500 per payment, totaling up to $4,500. This credit applies when customers lease or finance their new Porsche vehicle through Porsche Financial Services (PFS). To be eligible, applicants must have an active lease agreement on a competitor vehicle which is within 180 days of its maturity date, has at least one payment remaining, and is at least 30 days away from its original end date. Additionally, the leased vehicle must be a model year 2013 or newer.

It’s important to note that the WTP credit is non-transferable and strictly available to the lessee or co-lessee listed on the existing competitive lease. All applications are subject to credit approval, and Porsche emphasizes that not all customers will qualify. The program has been around since last month, which, according to a recent dealer bulletin that CarsDirect got its hands on, expires on March 31, 2025.

Competitive Market Gives Birth To Amazing Deals

Porsche isn’t the only brand that will pay customers that will ditch their current rides. Lucid has recently rolled out a conquest deal for customers who want to switch brands, offering a $2,000 trade-in allowance, plus a further $2,000 conquest bonus, for a total of at least $4,000. Meanwhile, Ford also has a similar promo but specifically targeting Tesla customers, with up to $7,500 worth of incentives up for grabs.

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Evidently, the EV market is becoming notably competitive, to the point that brands are willing to dish out hefty discounts to lure existing customers in. We expect more of these conquest deals during the course of the year, considering that demand for EVs has already slowed down. So, if you’re in the market for one, make sure to shop around.

Source: CarsDirect