Tesla has unveiled a second-handed car loan guarantee program that promises that if your second-wheeler car breaks down it won’t cost you any more money than if you had purchased it directly from the manufacturer.
The new program is available to any carmaker with a carmaker warranty, but Tesla is offering it to owners of its electric-vehicle vehicles as well.
The company said in a statement that it is offering a $1,000 deposit to anyone who wishes to take a loan, and that the guarantee is contingent on your car having passed a safety inspection, has passed a full car-safety inspection and meets certain other requirements.
“If your second hand car breaks or is unsafe, the car’s manufacturer is entitled to a full refund, even if your car has been repaired or serviced, and Tesla is confident your second car is safe to drive,” the company said.
“If your car breaks, Tesla will repair it for you.
The loan will be contingent on passing a full inspection, and the guarantee will not be extended beyond the first payment due.”
Tesla also offers a $500 deposit for the second hand vehicle, and a $2,000 cash deposit for all its second-wheeled vehicles.
The loan guarantees will be in effect for a year, and owners of electric vehicles will need to have a second hand Car2Go account to qualify for the program.
Tesla said it is not guaranteeing a specific second-heaviest car, but that it does offer third-hand cars that are less expensive to own than a second car.
“Our goal is to provide customers with a second chance at ownership in our cars, and our second-horse car program is one way to accomplish that goal,” Tesla said.
Tesla has been the target of lawsuits for charging excessive fees for second-day delivery, which it argues are justified by its own research and development costs.