The electric-vehicle maker Tesla has offered its customers a guaranteed secondhand model for less than the price of its full-price vehicle, offering to reimburse buyers who sell the car for up to HK$5,000.
The offer, announced on the company’s Facebook page, is available for Hong Kong residents only, and only those who own a Model S, S and X. The carmaker says that the guaranteed model will be delivered to buyers “at no additional cost to you,” and that the buyer will be reimbursed “for the value of the car.”
Tesla also says that buyers can return the car within 30 days, for up, 10, 15, 20 or 30 percent, whichever is less.
The promise of a guaranteed model means that if you decide to keep the car, the seller will be able to recoup the purchase price of the vehicle in the event of a dispute, as well as refund the buyer for any repairs.
The offer comes on the heels of a similar offer from Chinese-owned rival Huawei on Monday, which was aimed at making a similar guarantee.
“You can trust us that our cars are reliable, we guarantee the quality of our product,” a Tesla spokesperson told Reuters in an email statement.
“But if the vehicle is not of the same quality as your own, we will compensate you for any loss due to the absence of a reliable car.”
Tesla is known for its ambitious sales goals.
In May, the company raised $1.3 billion in a Series B round led by Sequoia Capital, and earlier this month, the Chinese company unveiled a new vehicle, the Tesla Model 3, which will be available in the second half of this year.
While the offer seems like a good bet to bring down the prices of its cars, the promise of the guaranteed second-hand model does not guarantee that buyers will actually buy one.
Tesla’s guarantee may not be a guarantee of anything, but the company is hoping that it will make it easier for its customers to buy and sell their cars.
The Hong Kong offer is just the latest in a string of such offers from Tesla in the city, and the company has already expanded its offerings in other cities in Asia.
A Hong Kong-based source told The Wall Street Journal that the company will now offer a guaranteed-second-hand Model S for HK$1,250, which is less than half of the cost of a full-priced car.
Tesla also offers a guaranteed Model X for HK£1,100, but it is currently priced at HK$3,500.