The Tesla Model 3 Makes the List of Most Leased Vehicles as First EV
In the ever-evolving automotive industry, trends and data play a crucial role in understanding consumer preferences and behaviors. Experian, a leading global information services company, not only tracks credit scores but also keeps a close eye on the most popular leased models. While this list has traditionally been dominated by high-volume gas vehicles like the Ford F-150 and Nissan Rogue, there has been a significant shift in recent years. The Tesla Model 3, a groundbreaking electric vehicle (EV), has made history by becoming the first EV to make it into the top 10 most leased vehicles in the second quarter of 2023.
According to Experian’s data, Model 3 leases accounted for 1.79 percent of all leased vehicles in Q2, which translates to approximately 25 percent of the car’s overall sales numbers of around 42,000 units. This remarkable achievement represents a 14 percent increase from the previous year and secures the Tesla Model 3’s position as the seventh most leased vehicle on the list. It sits just behind the Chevy Equinox and ahead of the Honda Civic, two popular gas-powered sedans.
While this milestone is undoubtedly significant for Tesla and the EV industry as a whole, it is worth noting that the Model 3 is still surrounded by full-size trucks and SUVs on the list. The only other sedan in the top 10 is the Honda Civic. The three most-leased vehicles include the Ford F-150 at number one, followed by the Honda CR-V and Nissan Rogue. This demonstrates that while EVs are gaining traction, gas-powered vehicles still dominate the leasing market.
One of the reasons for the increasing popularity of leasing EV models is the existence of loopholes in federal tax credit rules. These loopholes allow credits to be applied to previously ineligible vehicles, making them more financially attractive to buyers. The Model 3, for instance, recently became re-eligible for federal tax credits after a rule change at the beginning of 2023 that removed the cap on units sold. This change has undoubtedly contributed to the surge in Model 3 leases and overall sales.
The Tesla Model 3’s success in the leasing market is a testament to its appeal and desirability among consumers. With its sleek design, impressive range, and advanced technology features, the Model 3 has captured the attention of both EV enthusiasts and those looking to make the switch from traditional gas-powered vehicles. Additionally, Tesla’s extensive Supercharger network and commitment to expanding charging infrastructure have alleviated range anxiety concerns, further boosting the Model 3’s appeal.
As EV technology continues to advance and become more accessible, it is expected that more electric vehicles will make their way onto the list of most leased vehicles. The growing awareness of environmental issues and the desire for sustainable transportation options are driving factors behind this shift. Furthermore, as governments around the world implement stricter emissions regulations and offer incentives for EV adoption, the demand for electric vehicles is projected to increase significantly.
In conclusion, the Tesla Model 3’s inclusion in the top 10 most leased vehicles is a significant milestone for both Tesla and the EV industry. It demonstrates the increasing acceptance and popularity of electric vehicles among consumers. While gas-powered vehicles still dominate the leasing market, the rise of EVs is undeniable. With advancements in technology, expanding charging infrastructure, and favorable tax incentives, it is only a matter of time before electric vehicles become even more prevalent in the leasing market. The future of transportation is undoubtedly electric, and the Tesla Model 3 is leading the way.
