Tesla ends car buyback program
Tesla Motors Inc. quietly discontinued its resale value guarantee program as of July 1. The program was "discontinued ... so we can keep interest rates as low as possible" and offer "compelling" lease and loan programs to customers, a Tesla spokeswoman said Wednesday. The program was available to those who financed their cars through Tesla official financing partners and programs. It guaranteed that Tesla would buy back the car at a minimum preset value after three years and at preset terms, in some cases at least 50% of the car's base price. It was first offered in 2013, largely to assuage early-adopter fears and ensure buyers that their Model S, Tesla's first in-house designed and built electric car, would hold value in case sales tanked or other problems arose.
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