According to LendingTree’s data analysis, the Tesla Model 3 and Model Y are the most frequently asked about luxury vehicles in the US for auto loans. This morning, LendingTree (NASDAQ: TREE), one of the biggest online lending marketplaces, contacted me about an intriguing study they had carried out utilizing auto loan data requests they had acquired for almost two years from their platform.
The report reveals that when it comes to customers looking for car loans online, the electric vehicle manufacturer Tesla is swiftly rising to the top of the lists.
The Tesla Model 3 and Model Y came in first and second place, respectively, when this data was examined for specific premium automobile models. Surprisingly, the Tesla Model S also made the top 10, taking the sixth spot (see chart below).
The Tesla Model 3 has the highest percentage of auto loan enquiries on the LendingTree platform with 6.6% of all luxury automobile inquiries. With a 4.7% ownership, Tesla’s own Model Y electric SUV is its main rival.
With a 4.3% share of the luxury car queries made on LendingTree during the past two years, the BMW 3 Series is in third place. BMW X5 achieved 1.7% and BMW 5 Series 2.2% respectively. BMW’s overall percentage in the top 10 chart is 8.2%.
With the Model S accounting for 1.9% of luxury automobile searches in the US, Tesla currently controls a 13.2% share of this market.
One in five auto loan enquiries in the US, according to LendingTree, concern expensive vehicles. The percentage is considerably higher in major cities like San Jose, San Francisco, and Los Angeles, and Tesla appears to be the market leader in this area with a bright future.
San Jose, California, in particular, comes in first. In the metro, 39.5 percent (3/10) of all auto loan queries are for luxury vehicles. San Francisco comes in second (39.4%), followed by Los Angeles (38.4%), which comes in third. Study by LendingTree
The following graph is also intriguing since it demonstrates how Tesla is quickly overtaking BMW as the most well-known manufacturer of luxury automobiles. Just behind BMW, which holds a 17.5% stake, Tesla placed second overall in the examination of luxury automobile queries made on LendingTree with a 14.4% share.
Since Tesla is gaining ground quickly and is still in the in the process of scaling up its production range, it might only take a few more years for Tesla to dominate this chart as well.
It’s disappointing to see Porsche in 10th place with only 4.0% of inquiries, especially in light of the introduction of the Taycan EV .
The percentage of luxury automobile searches coming from the top 10 US states is another fascinating statistic to look at from this data. California is probably the first state that comes to mind, but the District of Columbia comes in second with 32.4% and 35.5%, respectively.
One of the most popular websites where prospective automobile purchasers look for auto loan choices is LendingTree.com. It receives over 7.5 million monthly visitors on average who are shopping for loans and autos online (source: similarweb.com ).
You may read the comprehensive study by LendingTree here . There are several additional results in it that you might find interesting.
Published initially on Tesla Oracle .
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