Tesla Motors (TSLA) is preparing to offer a certified pre-owned program for the Model S.
The certified pre-owned program that Tesla is planning will allow Model S owners to send their cars back to the company for 43% to 50% of its initial value. The program needs to be ready by 2016 to meet the buyback guarantee that it offered to customers when it started out, reports Automotive News.
Even is Tesla doesn’t have its certified pre-owned program for the Model S ready by 2016, CEO Elon Musk says he’ll handle the situation. Musk said that he will personally buy the cars back from owners to show that he will stand behind “putting my money where my mouth is,” Automotive News notes.
If Tesla can get its Model S certified pre-owned program ready in time, it could be used for trade-ins on other vehicles. While the company currently only offers the Model S, it plans to release an updated version of the car and it also has plans to release its Model X next year, TechCrunch notes.
