Tesla (NASDAQ:TSLA) has revised its Model S financing plan -- offering longer-term loans that the company says will have those who use the electric car for personal use paying $580 a month, after taking gasoline savings into account -- and raising the resale value guarantee of the vehicles as well.
"Buying a Model S through the Tesla financing offering now comes with a guarantee that the resale value will be higher than that of BMW, Audi, Mercedes, Lexus or Jaguar," said the company in a statement today.
Tesla's initial financing offer debuted last month and had many journalists and customers questioning the program's details, including whether a buyer would actually end up paying $500 a month. The company's co-founder and CEO, Elon Musk, said in an online statement today that Tesla has fixed the offer and increased the resale value of the cars as well. "We appreciate the feedback from a number of journalists and customers that the first version of our financing product wasn’t quite right," he said in a statement.
According to Tesla, for those who purchase the Model S for a business, which means 70% of the car's miles are for business use, the depreciation would reduce the effective monthly payment to $315.