Tesla Model 3 and Model Y attracts most interest from luxury car buyers: study
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A new study from the online lending service marketplace LendingTree has put a spotlight on Tesla’s popularity among car buyers looking for a luxury vehicle. From January through November 2024, the Tesla Model Y and Model 3 received the most loan inquiries from car buyers looking to acquire a luxury vehicle.
The study:
- For its study, LendingTree analyzed over 1 million auto loan inquiries for passenger vehicles from January 1 to November 30, 2024.
- To determine which luxury vehicles were most popular among car shoppers, LendingTree took a luxury vehicle make’s total number of queries and divided it by the total number of luxury vehicle queries during the study’s period.
- Carfax’s “Complete Guide to Luxury Car Brands” was used to determine which car brands were considered luxury. Tesla is included in the list.
The Model Y and Model 3’s results:
- As per LendingTree’s study, Tesla’s two mainstream vehicles attracted the top interest among car buyers looking to acquire a luxury car.
- The Tesla Model Y claimed the top spot in the study, with 6.8% of luxury vehicle loan queries being centered on the best-selling all-electric crossover.
- The Tesla Model 3 followed closely at 5.6%, which is quite impressive considering that the vehicle is a sedan.
- Overall, Tesla was the study’s second most sought-after luxury brand after BMW, though this was partly due to the company’s significantly smaller vehicle lineup.
- BMW captured 16.6% of luxury brand queries in the study, while Tesla captured 15.8%.
- This means that Tesla beat out Mercedes-Benz and Lexus, which captured 12.0% and 11.1% of luxury brand inquiries, respectively.
Why it matters:
- As per LendingTree, a good reason behind the popularity of the Tesla Model Y and Model 3 among luxury car buyers may be the vehicles’ reasonable price.
- Despite Tesla being considered a luxury brand, the Model Y and Model 3 are priced very competitively.
- The 2024 Model Y starts at a reasonable $44,990. The Model 3 is even more budget-friendly, praised by Kelley Blue Book as a “bargain among electric sedans” at its price.
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