The Tesla Model 3 has made history by becoming the seventh most-leased vehicle in the US, making it the first electric vehicle (EV) to enter the top 10. According to data from Experian, the Model 3 captured 1.79% of new vehicle leases in Q2 of 2023.
Leasing has become an attractive option for those interested in trying out EVs without committing to full ownership. 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. In January, Tesla dropped the lease price to $399 per month, and it has further reduced to $380 per month for a three-year lease on a base Model 3.
Additionally, some EVs that do not normally qualify for the full EV tax credit have been able to benefit from a loophole in the Inflation Reduction Act, which has helped lower monthly payments. However, this loophole does not affect the Model 3, as it is one of the few vehicles that does qualify for the full tax credit of $7,500 for eligible buyers.
The most popular vehicle to lease in the US is Ford’s Ford F-150 truck, which holds a 2.52% share of new leased vehicles. Other brands that made it to the top 10 list include Honda, Nissan, Chevy, Jeep, and Ram.
Sources:
– Automotive News
– InsideEVs
– Experian