Tesla’s second hand prices are guaranteed for “up to one year”, the company’s first offer since its announcement that it would offer a guaranteed second-hand price.
This is a significant shift in the industry, which was originally going to offer a price guarantee for five years.
Tesla’s offer comes after other carmakers, including Honda, Honda’s EV subsidiary, and Ford, all confirmed that they would offer guaranteed second hands at a discounted price.
Tesla CEO Elon Musk was also quoted as saying that “guarantees mean that you can buy the car from a manufacturer at the lowest price that you are able to get.”
The announcement follows several months of intense pressure by the public, the media, and the electric car industry, and was made by a company that has faced public criticism for its use of low-price leases.
The deal will be signed by Tesla CEO and co-founder and former chief executive officer Elon Musk, according to the company.
Tesla is not the only carmaker offering a guarantee, though.
Mitsubishi Motors, BMW, Ford, and Volkswagen have all committed to offering a guaranteed price at the manufacturer level, and have each been praised for their commitment to providing guaranteed second cars.
Nissan also said it would guarantee a price, but only for its new, more affordable and powerful EV models.
Tesla, which announced its plans to offer guaranteed prices at the factory level on Thursday, has been criticized for not taking a more aggressive stance on second-hands, which were a key component of its initial plan to introduce its Model 3 and Model X cars in the US in 2021.
The company, along with the carmakers that have pledged to offer second hands, has faced criticism that it did not do enough to make sure its cars were in demand, but that it is making up for lost sales by providing guarantees to its customers.
The new agreement also means that the company will be able to offer the same price at home as in the future.
Tesla was initially hoping to offer its guaranteed price in 2018, but announced a price hike on October 24, 2017, in order to address the public’s concerns.
However, it only made its guarantee a year earlier.
The first guaranteed price offered by Tesla was $25,000, with the price dropping to $15,000 on October 19, 2019.
Tesla has since announced that it will make its guaranteed prices available for an additional one year, and it is expected that it may make the price guarantee available for the next two years.
The price guarantee is Tesla’s most significant offer to date, and marks the company taking a significant step towards offering a price guaranteed to the public.