Tesla Australia has announced a new finance offering with the Australian-based leasing company Driva, that includes “guaranteed future value” loans that it says will remove the uncertainty over depreciation and resale value of electric cars.
The basis of the loan deal is that Driva will provide a guaranteed value for the Tesla EV at the end of the finance, and says this will also lead to lower monthly repayments. The two companies are also launching a new product for Rideshare drivers of Tesla EVs.
“By locking in a guaranteed minimum future value upfront, GFV (guaranteed future value) significantly lowers the barrier to entry for new Tesla buyers through reduced monthly repayments, while eliminating the risk of unexpected depreciation,” the companies said in a joint statement.
“This makes transitioning tosustainable transport more achievable for Australian families and businesses, and provides a clear, predictable pathway to upgrading to the latest Tesla technology when the loan term ends.”
The actual value will vary depending on the duration of the loan and the amount the cars are driven. But Tesla and Driva says that because it is locked in, it removes uncertainty and helps customers make decisions about trading it in for a new vehicle, or continuing owernship.
“A loan with a Guaranteed Future Value agreement is similar to a regular loan with a balloon payment at the end of the term. The difference is that Driva will guarantee the minimum return value of the vehicle to ensure it covers the final payment,” the statement says.
“If your vehicle has been well looked after, adheres to Fair Wear and Tear Guidelines and meets the agreed kilometre usage, customers know they will never be out of pocket when trading their vehicle in to cover the final payment.”
Driva says one of the main benefits is lower monthly repayments, because a portion of the vehicle cost is deferred to the guaranteed future value at the end of the term. It says it will work well for customers who wish to upgrade to a new model at the end of the loan period.
“Driva is excited to bring this innovative lending product to Tesla customers, providing peace of mind and confidence to customers around long-term EV ownership,” said Driva co-found Scott Montarello.
“The product builds on the success of the LeaseMyTesla program with Tesla, which has made Tesla ownership more affordable and accessible than ever.”
Tesla last month delivered a record 8,740 EVs to the Australian market, with the Model Y delivering a record 8,136 vehicles, making it the best-selling car of any type in Australia for the second month in a row – and by a big margin.
EVs grabbed a 23.5 per cent share of the new car market in June.
