May 19, 2020

Tesla Promises Model S Buyback for 50 Percent of Original Price after Three Years

Automotive industry
Annifer Jackson
2 min
Tesla Unveils New Driverless and All Wheel Drive Features for Model S

Electric car maker Tesla is introducing a new raft of finance deals to UK buyers which allows drivers to pay a deposit for the new Model S and sell it back to the company after three years of use.

The schemes are designed to suit those not looking for permanent ownership of the new model and look somewhat different to typical deals offered by mainstream dealerships.

Under the plans, customers can lay down a 15 percent deposit before selling the Model S back to Tesla for at least 50 percent of the price after leasing for three years.

Alternatively, drivers can continue to lease the car for another two to four years at the same interest rate of 5.9 percent which Tesla says translates to around €1025 a month. This entails a 15,000 mile annual limit, with additional mileage charged at 17 pence a mile if they then choose to return the car.

The €55,000 car represents a new experience to many buyers, and the company is hoping these commitments over years of ownership will allay fears that the value of the Model S will plummet in quick time.

Earlier on this month CEO Elon Musk revealed the new dual engine and auto-pilot elements to be fitted into the new generation Model S in an elaborate ceremony in America.

READ MORE: Tesla Unveils New Driverless and All Wheel Drive Features for Model S

At a highly-anticipated and packed out arena in California, Musk put to bed gossip revolving around his tweet, “about time to unveil the D and something else”, by announcing that the D represented dual motor, with Tesla powering both rear and front wheels with its own engine.

The top speed of the Model S is now 155 miles per hour, bringing the car into the realms of mainstream petrol alternatives. The high-end version of this however will set back buyers a lofty €95,000. 

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