The Tesla Model 3 has climbed its way into the top 10 most-leased vehicles in the US, marking the first time an electric vehicle (EV) has achieved this feat. According to data from Experian, the Model 3 captured 1.79% of new vehicle leases in the second quarter of 2023.
Leasing has become an appealing option for EV novices looking to try out an electric vehicle without the long-term commitment. Melinda Zabritski, Experian’s senior director of automotive financial solutions, explains that leasing allows consumers to have the vehicle for a short period of time and avoid any ownership concerns amidst the rapid changes and constant arrival of new EV models.
In an effort to make leasing even more enticing, Tesla lowered the monthly cost of leasing a Model 3 to $399 in January. InsideEVs reports that the price has further decreased to $380 per month for a three-year lease on a base Model 3 with rear-wheel drive, making it an affordable option for potential lessees.
Additionally, a loophole in the Inflation Reduction Act has helped reduce the monthly payment for EVs that wouldn’t normally qualify for the full EV tax credit. However, this loophole does not apply to the Model 3, which is one of the few vehicles that does qualify for the full tax credit of $7,500 for eligible buyers.
While the Ford F-150 truck remains the most popular vehicle to lease in the US, with a 2.52% share of new leased vehicles, the entry of the Tesla Model 3 into the top 10 signifies the growing interest in EVs among consumers. Other popular brands in the top 10 include Honda, Nissan, Chevy, Jeep, and Ram.
Overall, the Tesla Model 3’s rise in lease popularity highlights the increasing demand for electric vehicles, and leasing provides a convenient way for consumers to experience these cutting-edge cars without the long-term commitment.
Definitions:
– EV: Electric Vehicle
– Experian: A global information services company providing data and analytics for businesses and consumers.
Sources:
– Automotive News
– InsideEVs