Tesla guarantees resale value of Model S
Tesla Motors says it worked with Wells Fargo and U.S. Bank to develop a purchasing plan for the Model S, which could bring net payments down to $500 a month.
Last week, Tesla CEO Elon Muskof an upcoming big announcement. Despite product-oriented speculation, the details that came out today lay out a new financing plan for the .
The plan could bring net payments down to $500 a month according to Tesla, after taking into account the savings from purchasing electricity over gasoline, government incentives, and resale value.
Tesla added a True Cost of Ownership calculator to its site, which lets prospective buyers see how the numbers add up.
Tesla's announcement says it developed the plan with Wells Fargo and U.S. Bank, each of which will offer loans for a 10 percent initial down payment on a Model S. That loan could be paid off with federal and state incentives to purchase electric vehicles, according to the Tesla press release.
As an addition to the plan, Tesla will guarantee a resale value of the Model S after 36 months as a percentage of the original purchase price. That percentage will be based on the resale value of the Mercedes-Benz S-class.