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Polestar launches financing, guaranteed future value

Polestar is pushing to make buyers more comfortable taking the plunge on a new brand with its new finance offering.

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Scott Collie
Scott Collie
Deputy Editor
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Polestar Australia now offers finance.

The electric car startup – which is owned by Chinese giant Geely and shares platforms and technology with Volvo – will handle finance online, underwritten by Allied Credit, as part of the purchase process.

Along with straight vehicle financing Polestar will offer guaranteed future value, which 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, has quietly debuted a guaranteed future value program, while sporty Spanish brand Cupra is planning to launch with one in 2022.

Polestar has launched with a range of tools to make buyers more comfortable taking the plunge on what’s a relatively unknown brand.

The company offer a seven-day returns policy so long as the owner hasn’t done north of 500km, and backs its cars with five years of free servicing to match the five-year warranty.

Regular car dealers selling other brands must offer cooling-off periods too, but they’re usually between one and three days depending on the state, and may lack driving allowances.

Polestar sells its cars through an online portal and will operate national Polestar Spaces; shops modelled on boutiques where potential owners can learn more about the brand. It also plans on using Volvo dealerships for servicing.

It currently offers three versions of the Tesla Model 3-rivalling Polestar 2 in Australia.

The range will consist of standard- and long-range, single-motor variants, as well as a long-range dual-motor model.

With prices under $65,000 before on-road costs, the single-motor variants will fall under the threshold for the $3000 electric vehicle rebate in both New South Wales and Victoria.

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Scott Collie
Scott Collie

Scott Collie is an automotive journalist based in Melbourne, Australia. Scott studied journalism at RMIT University and, after a lifelong obsession with everything automotive, started covering the car industry shortly afterwards. He has a passion for travel, and is an avid Melbourne Demons supporter.

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