South African billionaire Elon Musk led Tesla Motors is planning to change the financial strategy for its Model S electric sedan following concerns that the plan surpassed potential cost savings.

Musk said that the company will work to ensure that Model S resale value is the highest of any premium sedan brand on the market. The company will now allow customers to replay loans in 72 months to repay the loan instead of
63, which would reduce the monthly cost by a fourth. The new financial plan is to make the Model S electric sedan more affordable for the customers.

Chief Executive Musk said, "We looked at it and decided we were wrong. Other people were right, and we needed to fix it."

Tesla faced criticism when its online payment calculator unrealistically valued time saved on filling fuel and for comparing resale value of the Model S to the Mercedes S class of sedans. The company has now changed the settings and the calculator now shows more realistic calculations. The calculations are now only includes for potential gas savings.

The Model S electric sedan comes with a starting price of around $70,000 before a $7,500 tax credit.