Tesla has announced a new finance programme, for private buyers of its electric Model S luxury saloon, which guarantees the residual value of the car.
The company says that it will buy any Model S acquired on the scheme back from private customers, in the 37th month of the hire purchase term, for 50 per cent of the base price of the entry-level 60kWh Model S – plus 43 per cent of all options, including the 85kWh battery pack upgrade.
“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,” said Georg Ell, Tesla’s UK boss.
There's no obligation to sell the car, however, as after 36 months customers can continue to keep driving the car and financing it with the same monthly payment.
Opt for the entry-level 60kWh Model S and, for a down payment of £7,542, you'll pay £701 a month on a six-year scheme. The same down payment also gets you onto a four or five-year plan, costing £998 or £820 a month respectively.
For comparison, we found a deal online offering a BMW 530d in Luxury specification for approximately £972 per month over four years, following a £1000 deposit – with no residual value guarantee.
Tesla also says that Model S drivers will benefit further from fuel, VED and congestion charge savings, further reducing the effective monthly cost. Customers who opt for the 85kWh version will also be granted free use of the Supercharger network in Europe.
The scheme has been organised through Alphera Financial Services, which provides vehicle finance in over 20 countries and is also part of BMW Group Financial Services.
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