Tesla Model S Resale Value to Be Industry's Best, Says CEO Musk
Last month, Tesla made a splash by offering a resale value guarantee on the Model S, stating it would be higher than that of a Mercedes-Benz S-Class. However, Tesla is upping the ante by offering the best resale value of almost any luxury auto maker.
Buyers of the Tesla Model S will now be guaranteed that their car’s resale value will be higher than that of BMW, Audi, Mercedes, Lexus or Jaguar. Residual value is expected to be at least 50 percent over 36 months.
Tesla CEO Elon Musk made the announcement in a conference call today and acknowledged criticisms of last month’s announcement regarding the brand’s somewhat creative finance calculator.
“We appreciate the feedback from a number of journalists and customers that the first version of our financing product wasn’t quite right,” said 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.”
This change will be applied retroactively to anyone who is financing the Model S, from when the guarantee was first put in place back on April 2nd. Tesla also announced that longer financing terms will also be available for buyers. Financing terms have been extended to 72 months to pay off a Model S.
Discuss this story at Tesla-Buzz.com
Sami has an unquenchable thirst for car knowledge and has been at AutoGuide for the past six years. He has a degree in journalism and media studies from the University of Guelph-Humber in Toronto and has won multiple journalism awards from the Automotive Journalist Association of Canada. Sami is also on the jury for the World Car Awards.
More by Sami Haj-Assaad
Comments
Join the conversation