Manufacturer promises to buy back Tesla Model S electric car for 50 per cent of original value

Tesla has revealed the new finance packages available to private buyers of the Model S. The company claims that the deals have been created from the ground up rather than as copies of plans offered by other manufacturers.

The financing will be offered through Tesla’s partner, Alphera Financial Services. The main news is that Tesla promises that the resale value guarantee, the price given to customers when their three-year agreement comes to an end, will be 50 per cent of the base purchase price of the 60 kWh Model S electric car.

Tesla claims that the new programme has no gimmicks, and offers customers the option to sell the car back to the company once the three years is over, or extend the hire purchase agreement for longer.

Buyers will have to put down a 15 per cent deposit initially, with the choice of a 48-, 60- or 72-month contract. With an interest of 5.9 per cent APR, monthly costs will be around £820 month. The agreement limits mileage to 15,000 miles per year, with owners charged 17p per mile if they go past this.

Georg Ell, Tesla’s UK Country Director, said:

“We understand that many customers enjoy the simplicity of a Hire Purchase but also may seek some assurance of the future value of Model S. We want to do the right thing for customers, so we’re delighted to be able to offer this transparent and fair financing programme.”

Source: Auto Express