Tesla Model 3 and Model Y are the most requested luxury cars in the US for auto loans. The data was collected by LendingTree for two years, which can demonstrate a fairly deep understanding of the market.
Researchers at LendingTree, which is one of the largest online lending marketplaces in the US, analyzed auto loan requests made on its platform between July 2020 and June 2022 to learn more about the percentage of users interested in luxury cars and shared the data with Tesla Oracle.
- Overall, 20.2% of auto loan queries on LendingTree are for luxury cars.
- At the state level, the District of Columbia ranks highest for luxury auto loan queries.
- BMWs are the most popular car make that consumers consider, but Teslas are more popular in the top-ranking metros and states.
- When it comes to the most popular models, Tesla takes the lead.
According to data, Tesla, which offers only four car models, is already the second most requested brand in the US in the last two years. But the company's result becomes more remarkable when we talk about models.
Tesla Model 3 was the most popular luxury car in auto loan inquiries, gaining 6.6%. It is followed by its younger sibling, Model Y, with 4.7% of requests. Both models are hugely popular in the US, and Model Y is on track to become the best-selling car in the world, possibly as early as next year. BMW 3 Series is in third place with 4.3%. Model S also made the leaderboard, in sixth place, with 1.9% of requests.
LendingTree suggests that depreciation rates may be a factor in the popularity of Tesla models. In general, used cars make up the majority of auto loan requests, and the most popular luxury models tend to depreciate the fastest. But this does not apply to Tesla cars.
“Teslas have some of the lowest depreciation rates on the market because of its popularity and brand recognition,” Jenn Jones, LendingTree autos expert, says. “Its entry-level Model 3 has shockingly high value retention.”
The lowest resale value is for BMW 3 Series. A three-year-old BMW 3 Series costs about $23,000, while a Tesla Model 3 costs nearly $42,000.
© 2022, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.