Tesla launches financing deal

* Tesla is offering its own finance deal * Will guarantee to buy the car back at an agreed price * Guarantees price of options, too...

Author Avatar
Tom Webster
03 October 2014

Tesla launches financing deal

Tesla has launched its own hire purchase finance deal for its Model S. The company has said it will guarantee to buy back the car after three years at an agreed price.

The company is confident that the Model S will hold its value, and so will guarantee to pay 50% of the purchase price after 37 months. It will also pay 43% of the value of any options added on top of the base £50,280 price. This includes the upgrade to the higher-powered 85kWh battery pack.

With a 15% deposit, and a 5.9% APR interest rate, the monthly payments work out at £820. After 36 months the owner can sell the car back to Tesla at the agreed price, pay off the balance or keep paying at the same rate.

Customers will be able to pay a higher deposit if they wish, or increase the length of the term to up to 72 months.

There is a 15,000-miles-a-year limit on the deal, and and an excess mileage fee of 17p per mile.

The buy-back guarantee is available only in month 37.

Tesla is to launch a finance calculator on its website on Monday.