Tesla is giving Australian buyers a new way to finance a Model Y or Model 3 while reducing one of the biggest concerns surrounding electric vehicle (EV) ownership – depreciation.
The automaker has partnered with Australian finance company Driva to introduce a Guaranteed Future Value (GFV) program, which locks in a minimum trade-in value at the start of a customer’s loan. The program is available on eligible new Model Y and Model 3 purchases financed through Driva and is designed to provide more certainty when it comes time to upgrade.
Under the program, instead of financing the vehicle’s entire purchase price, part of the cost is deferred until the end of the loan, reducing monthly repayments. For example, if a buyer purchases a hypothetical A$65,000 Model Y with a guaranteed future value of A$35,000 after four years, their monthly payments would be based on the difference rather than the full purchase price.
At the end of the term, they can trade the vehicle in to cover the final payment, keep it by paying the remaining balance, or sell it privately if it’s worth more than the guaranteed amount.
According to Tesla and Driva, the guaranteed value is intended to ensure owners aren’t left paying out of pocket when trading in their vehicle to cover the final payment, provided certain conditions are met.
“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 companies explained. (via The Driven)
While guaranteed future value programs are common among traditional automakers, Tesla’s entry into the space could appeal to buyers still wary of resale values following the company’s aggressive pricing adjustments over the past few years. For customers planning to upgrade regularly, the new financing option offers greater predictability while lowering monthly ownership costs.
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