Tesla Model 3 Is First EV to Crack List of Top 10 Most Leased Vehicles in US
The Tesla Model 3 is the now seventh most-leased vehicle in the US, marking the first time an EV has made the top 10. Overall, it's captured 1.79% of new vehicle leases in Q2 of 2023, according to data from Experian.
As reported by Automotive News, 25% of all new Model 3s to hit the roads last quarter were leased, which is slightly higher than the 21.3% leasing rate on other vehicles.
The most popular vehicle to lease is Ford's Ford F-150 truck, though it only has a 2.52% share of new leased vehicles. Other brands in the top 10 include Honda, Nissan, Chevy, Jeep, and Ram.
Leasing has become an attractive way for EV novices to try one without fully committing. "In the EV space, there is so much change and so many new models coming out that leasing can be a good way to have the vehicle for a short period of time [and] avoid any of those ownership concerns that consumers might have," Melinda Zabritski, Experian's senior director of automotive financial solutions, tells Automotive News.
In January, Tesla sweetened the deal for potential lessees by dropping the cost to $399 per month, InsideEVs reports. It's now even less—$380 per month—for a three-year lease on a base Model 3 with rear-wheel drive (and just over $40,000 to purchase one).
Plus, a loophole in the Inflation Reduction Act has helped cut the monthly payment for EVs that normally would not qualify for the full EV tax credit. Although, that does not necessarily apply to the Model 3, which is one of the handful of vehicles that qualifies for the full tax credit of $7,500 for qualified buyers.
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