All Sections

Tesla announces Model S buy-back scheme for UK

A finance plan that guarantees Tesla will buy back your Model S is now available in the UK. Previously a US-only thang, the addition of the Resale Value Guarantee helps combat resale value fears.

The finance programme, which is offered through finance partner Alphera Financial Services, is open to private customers. It involves Tesla buying back 50 per cent of the base purchase price and 43 per cent of the money spent on extras when the 37th month of the hire purchase comes around.

All that stands between you and an all-electric Model S is a 15 per cent down payment and an APR of 5.9-per cent for the first 36 months up to 72 months if you want to spread the cost out over a longer period. The minimum you will pay is £820 per month.

A Model S will save around £156 on liquid gold, £19 a month in car tax and, if you regularly commute into central London, £210 in congestion charge costs, according to Tesla’s figures. There’s also £331 to be saved in Benefit in Kind if you use it as a company car.

Tesla says the finance programme is ‘focussed on customers’ and ‘simple and transparent’ with no hidden small print or gimmicks.

The Tesla Model S comes with either a 60 or 85kWh battery, the former capable of 240 miles on a single charge and 312 miles for the latter. In its Performance guise 0 to 62mph takes 4.2 seconds, while the top speed is 130mph.

The £820 monthly whack is out of the reach of most drivers, admittedly, but those who rack up serious miles could claw back money a lot of that just by avoiding petrol stations. A full charge should cost around £10, depending on your energy tariff. Much less than a full tank of fuel, then.

You could, however, use one of the two Tesla superchargers (one in London, another in Birmingham) or one of the slower electric chargers located around the country for free. Assuming you are happy leaving your car parked in a strange place for hours at a time.

Shares in Tesla went up after its CEO Elon Musk teased the reveal of a new car known as the Model D. It will be unveiled on October 9th. Our money is on an affordable version of the Model S that would give the BMW 3-Series a run for its money.

We gave the Tesla Model S five stars ─ here’s our full review of the UK car.

Comments