Tesla Motors has introduced a new 66-month car loan to entice prospective buyers to pull the trigger and buy a $62,000+ all-electric sedan that is powered by batteries that may or may not last 66 months. However, proving that Tesla is not your grandmother’s electric carmaker, its new car loan comes with a personal guarantee from Tesla co-founder Elon Musk about just how valuable the vehicles will be in the future.
The loan, to be provided by US Bank and Wells Fargo, requires 10 percent down and a 2.95 percent APR. Three years into the loan, buyers will be allowed to sell their cars back to Tesla for around 61 percent of the initial sales price. Tesla points out that 61 percent at the three year mark is about the same depreciation that a Mercedes S-Class experiences. Musk says that he is backing the buyback purchases with his own considerable fortune. Just how wealthy is the youthful South-African? Well, the founder of PayPal and co-founder Tesla Motors is also the person behind SpaceX, the first commercial company to launch a spacecraft into and recover from Earth orbit.
Talking about the new loan, Musk said, “As much as possible, I’d like to broaden the affordability of the car. By providing a compelling financing solution for the Model S, we’re helping to broaden the access of customers to the car.”