The Tesla Model 3 has achieved a significant milestone by becoming the seventh most-leased vehicle in the US. This marks the first time an electric vehicle (EV) has made it into the top 10. According to data from Experian, the Model 3 has captured 1.79% of new vehicle leases in Q2 of 2023.
Leasing has become an attractive option for those interested in experiencing an EV without the commitment of 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.
Tesla has made leasing even more enticing by offering competitive pricing. The cost of leasing a base Model 3 with rear-wheel drive has dropped to $380 per month for a three-year lease. This affordability, coupled with the Model 3 being one of the few vehicles that qualifies for the full EV tax credit of $7,500, has contributed to its popularity among lessees.
The most-leased vehicle remains Ford’s Ford F-150 truck, which holds a 2.52% share of new leased vehicles. Other popular brands in the top 10 include Honda, Nissan, Chevy, Jeep, and Ram.
As the EV market continues to evolve and new models are introduced, leasing provides a flexible option for consumers to keep up with the latest advancements in technology and features. With the Tesla Model 3’s success in the leasing market, it is evident that more people are willing to explore the world of EVs through this avenue.
Source: Experian, Automotive News, InsideEVs