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Tesla Motors announced today that it is raising the Model S resale value guarantee.
Tesla said this makes it the highest resale value of any premium sedan brand made in volume (excludes rare, low volume or limited edition vehicles).
Buying a Model S through the Tesla financing offering now comes with a guarantee that the resale value will be higher than that of BMW, Audi, Mercedes, Lexus or Jaguar.
Tesla also said that to protect people that have already purchased a Model S via this program, the guarantee will extend retroactively to anyone that made use of Tesla financing, created in partnership with US Bank and Wells Fargo, from when it was first announced on April 2, 2013.
As with the prior resale guarantee, this higher number is also backed personally by Tesla CEO Elon Musk to give owners complete peace of mind about the long term value of the product.
“We appreciate the feedback from a number of journalists and customers that the first version of our financing product wasn’t quite right,” said Tesla Co-founder & CEO Elon Musk. “They were right, so we are fixing it and, moreover, upping the ante by providing the best resale value guarantee in the automotive industry. The Model S is rated by Motor Trend, Automobile Magazine and many others as the best car of 2013, so it should naturally therefore have the highest resale value.”
Tesla’s financing partners have also agreed to provide longer term loans that reduce the monthly payment considerably.
Accordingly, those who buy the Model S electric car for personal use will now pay a monthly rate of $580 taking only gasoline savings into account.
When purchased via a business, assuming 70 percent of miles are for business use, the depreciation benefit further reduces the effective monthly cost of owning a Model S down to $315.