(Pocket-lint) - A new decision at Tesla has suggested the electric car market is doing well.
The automaker told The Verge it discontinued its Resale Value Guarantee program - which launched three years ago as a way of reassuring early customers there would me a market for their Model S electric cars should they decide to resell them at a later date. People tend to upgrade to newer-model cars every few years, so guaranteeing something like a resale value is an interesting tactic for luring the weary.
Keep in mind a lot has changed for Tesla in the past three years. It is all the rage after scoring 325,000 reservations for the upcoming Model 3 just one week after its release. After witnessing Tesla's recent growth, several other automakers, including Volkswagen, Nissan, BMW, Daimler, etc, have of course started heavily investing in both the development and production of electric vehicles.
Although there are plenty of drivers who have yet to acknowledge not only the power but also possibilities with EVs, the budding market is steadily growing and is widely considered healthy, and so the need to guarantee such vehicles is of less importance. Tesla's program, which was "backed personally" by Elon Musk, Tesla's CEO, according to a Tesla blog post, will no longer be active for new cars bought after 1 July.
However, you're still covered if you bought a car under the guarantee. The decision will apparently also reduce Tesla's interest rates "as low as possible" and make leases and loans more compelling.