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The Tesla Model 3, led by visionary Elon Musk, is taking the automobile market by storm in a way few could have predicted. In addition to monitoring your credit score, Experian tracks trends and data in the auto industry, including the most popular leased models.
While the list is typically dominated by high-volume gasoline vehicles like the Ford F-150 and Nissan Rogue, the Tesla Model 3 is on the rise, becoming the first electric vehicle to appear among the ten most rented cars in the second quarter of 2023.
In the second quarter, Model 3 leases represented 1,79% of all leased vehicles, which equates to about 25% of the car's total sales, approximately 42.000 units. This jump represents a 14% increase over the previous year, placing Tesla in seventh place on the list, behind the Chevy Equinox and ahead of the Honda Civic.
The Impact of the Tesla Model 3 on the Rental Market
While this is an important milestone for Tesla and electric vehicles in general, the Model 3 is still surrounded by full-size trucks and many SUVs on the list. The only other sedan in the top ten was the Honda Civic, while the three most leased vehicles included the Ford F-150 in first place, followed by the Honda CR-V and Nissan Rogue.
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The Phenomenon of Electric Vehicle Leasing
Leasing some electric vehicle models has become popular among buyers because of loopholes in federal tax credit rules that open the way for credits on previously ineligible vehicles. The Model 3 recently became eligible again following a rule change in early 2023 that removed the cap on units sold.
In summary, the Tesla Model 3, led by the innovator Elon Musk, is making history by emerging as one of the most leased cars in 2023. This success demonstrates the growing acceptance of electric vehicles and the opportunities that arise when regulations evolve. The future of the automobile industry is clearly heading towards an electric revolution.
