Tesla improves Model S resale guarantee based on customer feedback

Tesla Model S electric car
© Tesla Motors

Gotta love a company that actually listens to feedback and implements changes that its customers requested. About a month ago, Tesla unveiled a new financing option (kind of a hybrid between leasing and owning), and that included a new guaranteed for the Model S electric car: "After 36 months, you have the right, but not the obligation to sell your Model S to Tesla for the same residual value percentage as the iconic Mercedes S Class, one of the finest premium sedans in the world."

Apparently, this wasn't good enough for some. Aiming to please, Tesla modified this policy to change the Model S resale value guarantee to be the "highest of any premium sedan brand made in volume (excludes rare, low volume or limited edition vehicles)". So if during the next few years the Mercedes S Class loses cachet, or if some other premium model holds value better on the resale market, Tesla Model S owners will be protected.

© Tesla Motors

I'll quote Elon Musk just because we don't hear these kinds of words enough from CEOs:

“We appreciate the feedback from a number of journalists and customers that the first version of our financing product wasn’t quite right. 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 policy change is retroactive:

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.

Another change to the Tesla financing is that longer terms are now available, so the monthly payments for a Model S are now lower. Tesla calculates costs a bit differently than others, taking into account estimated gas savings (which is a bit misleading if you don't realize it, but it's also a real saving), claiming that with the new terms a Model S can now be had for $580/month.

Via Tesla Motors

See also: Tesla beefs up service with unconditional battery warranty, valets, and top of the line loaners and Tesla announces new way to finance its electric cars, a hybrid between leasing and owning

Tags: Electric Cars | Electric Vehicles

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