A new study from the online lending service marketplace LendingTree has revealed the strong appeal of Tesla vehicles among buyers seeking luxury cars. The research indicates that the Tesla Model Y and Model 3 received the most loan inquiries between January and November 2024 from individuals looking to finance a high-end vehicle.
LendingTree Study Methodology
To conduct the study, LendingTree analyzed over one million auto loan inquiries for passenger vehicles submitted between January 1 and November 30, 2024. The study leveraged Carfax’s “Complete Guide to Luxury Car Brands” to classify car brands as luxury, with Tesla included in the list.
Key Findings: Model Y and Model 3 Lead the Pack
The LendingTree study found that Tesla’s Model Y and Model 3 attracted the most interest from car buyers in the luxury segment. The Model Y secured the top position, accounting for 6.8% of all luxury vehicle loan inquiries. The Model 3 followed closely, representing 5.6% of these inquiries, a notable achievement for a sedan.
Overall, Tesla emerged as the second most popular luxury brand, behind BMW, although Tesla has a smaller vehicle lineup. BMW captured 16.6% of luxury brand queries in the study, while Tesla garnered 15.8%. This placed Tesla ahead of Mercedes-Benz and Lexus, which recorded 12.0% and 11.1% of luxury brand inquiries, respectively.
Affordability Fuels Tesla’s Popularity
According to LendingTree, the competitive pricing of the Tesla Model Y and Model 3 may be a key factor in their popularity among luxury car buyers. While Tesla is considered a luxury brand, the Model Y, with a starting price of $44,990, and the Model 3 represent attractive options in terms of value. The Model 3, in particular, is praised for its affordability within the electric sedan market, as noted by Kelley Blue Book.
