Tesla addresses EV depreciation fears with new way to own the popular Model Y and Model 3

Tesla is trying to provide better value for Model Y and Model 3 drivers in Australia.

The brand has introduced guaranteed future value loans for new cars.

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This allows prospective buyers to lock in a guaranteed minimum future value to reduce monthly repayments.

Customers can choose to pay a predetermined amount to keep the car or upgrade to a new model at the end of the loan period.

Tesla said this will minimise the unexpected depreciation usually attached when selling a previously new car.

Tesla said that by deferring a portion of the car’s cost to the guaranteed future value, monthly payments will be cheaper than traditional loans.

The car must be well looked after and comply with wear and tear guidelines, as well as meet the agreed kilometre usage in order to be eligible for the deal.

Car leasing company Driva is facilitating the scheme, with the initiative being extended to rideshare later this month.

The Tesla Model Y SUV and Model 3 sedan are both eligible for the deal.

The Model Y starts from $58,900, before on-road costs, with prices ranging up to $89,400 for the Performance grade.

Meanwhile, the Model 3 starts from $54,900, but the top grade costs a minimum of $80,900.

The Model Y was the best-selling car in Australia in June, producing the best sales month since the Holden Commodore in the early 2000s.

Tesla introduced a six-seater variant of the SUV earlier this year, the Model Y L, which it said has been a strong seller.

Electric vehicles sales continue to increase in Australia in light of their increased affordability and skyrocketing fuel prices.