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Wednesday, December 8, 2021

Polestar launching with guaranteed future value financing

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Polestar is launching with a finance tool designed to make buying from a new brand less of a leap into the unknown.

The brand, which is owned by Chinese giant Geely and shares its platforms and technology with Volvo, will debut in Australia with a guaranteed future value program for customers using its finance services.

“Encouraging consumers to move from an [internal-combustion] engine over to an [electric car], we want to give them some comfort,” said Polestar Australia managing director, Samatha Johnson.

“Offering them a guaranteed future value finance product gives them a peace of mind on the residual value for that vehicle.”

Guaranteed future value means customers have certainty about the minimum trade-in price for their car after their lease period.

When it comes to smaller or startup brands, the scheme provides buyers a level of protection against poor resale value if the company doesn’t take off in Australia.

Hyundai’s upstart luxury brand, Genesis, is currently working on a guaranteed future value program, while sporty Spanish brand Cupra is planning to launch with one in 2022.

Pre-orders for the Polestar 2 electric car will open “late in 2021”, and customers will actually be able to put down their hard-earned cash on a car during January 2022.

Pricing for the electric sedan-cum-crossover will kick off just below $60,000 before on-road costs, and will extend to just below $70,000 before on-roads.

Polestar has confirmed potential buyers will be able to test drive the 2 as part of a travelling roadshow that kicks off in Sydney during November.

The brand will establish its first in-person, pop-up retail ‘activations’ in Australian capital cities with the exception of Darwin during February 2022, and expects the first of its permanent Polestar Spaces – essentially retail-style showrooms, similar to those used by Genesis – to open in April 2022.

Polestar will be allowing buyers to option their cars from the ground-up at launch, but it’ll also be bringing in cars in a range of different trims for people who don’t want to wait.

MORE: Everything Polestar 2

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