A second hand car maker, Tesla, has unveiled a deal to provide its customers with guaranteed second-hand prices of up to $100 million on their second-generation Model S sedan.
The offer comes amid a market downturn, with the average second-half price of a new car falling to $51,500 from $73,000 in the second half of the year.
The deal, announced Thursday at a conference in California, is part of a broader push by the company to get into the market for the first time.
“Tesla is on the cusp of becoming the new Tesla,” said Tesla President Elon Musk.
“If you want a great second hand, this is a deal for you,” he said.
The Model S, which was first released in 2008, is one of the most expensive cars on the market.
Tesla offers a range of cars, including its own model, the Model S P85D, which retails for $70,000.
At the time of its launch, Tesla said the Model A, its second-gen sedan, was the most affordable car on the road, with a $52,500 price tag.
As the market has weakened, the first-generation model of the Model Y, which launched in March, has also fallen behind the second-and third-gen cars, with prices falling to less than $30,000 and $30.
The company said it expects the first Model 3 to be on sale by the end of 2018.
In the first half of this year, the median price of new cars was $41,500, according to the Automotive News Association, with an average price of more than $85,000 across models.
Last year, Tesla sold more than 4 million Model S cars in the United States, more than double the amount sold in the entire year prior.
Although the company has a long track record of building its brand, the company is entering a time of slowing sales, with car sales in China declining and falling again in the first quarter of 2017.
Chinese automakers are stepping up efforts to enter the American market, but Tesla has struggled to make money.
Shares in Tesla rose 4.7% to $1,063.80 at the close of trading in New York on Thursday.
A Tesla spokesperson declined to comment further.
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