Tesla Model 3 and Model Y are the most queried luxury cars in the US for auto loans, data analysis by LendingTree suggests

-

-Advertisement-

One of the largest online lending marketplaces LendingTree (NASDAQ: TREE) reached out to me this morning with an interesting study they have conducted using auto loan data inquiries they gathered for around 2 years from their platform.

The study finds out that electric carmaker Tesla is quickly reaching the top of the charts when it comes to people inquiring about automotive loans online.

When this data was analyzed for specific luxury car models, Tesla Model 3 and Model Y topped the chart with the 1st and 2nd positions respectively. Interestingly, Tesla Model S also found its place among the top 10 with the 6th position (see chart below).

Tesla Accessories by EVANNEX.
– Sponsored –
Top 10 luxury cars that people search about auto loan options on LendingTree.com.
Top 10 luxury cars that people search about auto loan options on LendingTree.com. Source: Data analysis by LendingTree spanning 2 years (July 2020 to June 2022).

With 6.6% of all the inquiries made for luxury cars, Tesla Model 3 has the largest share of auto loan queries made on the LendingTree platform. Its closest competitor is Tesla’s own Model Y electric SUV with a 4.7% stake.

BMW 3 Series is in the 3rd position with a 4.3% share for luxury car inquiries made on LendingTree for the last two years. BMW 5 Series scored 2.2% and BMW X5 did 1.7%. The total for BMW on the Top 10 chart is 8.2%.

With the Model S occupying a 1.9% share of the search for luxury cars in the United States, Tesla holds a total of 13.2% share of this interest.

LendingTree found that 1 in 5 auto loan inquiries in the US is for luxury cars. In metros like San Jose, San Francisco, and Los Angeles the percentage is even higher and Tesla seems to hold the crown in this segment with a promising future.

Specifically, San Jose, Calif., ranks highest. Nearly 4 in 10 (39.5%) of the auto loan inquiries in the metro are for luxury cars. Following that, San Francisco ranks second (39.4%), with Los Angeles (38.4%) third.

Study by LendingTree

Related: Tesla might stop taking orders beyond a certain period of time due to ridiculous demand, Elon Musk

– Advertisement –

The following chart is also interesting as it proves that Tesla is rapidly taking over BMW as the most popular brand when it comes to luxury cars. In the overall analysis for luxury car queries made on LendingTree, Tesla came in 2nd position with a 14.4% share just behind BMW which holds a 17.5% stake.

Top 10 luxury car brands that potential buyers inquire about for auto loans in the United States  (data analysis by LendingTree.com).
Top 10 luxury car brands that potential buyers inquire about for auto loans in the United States (data analysis by LendingTree.com). Source: Data analysis by LendingTree spanning 2 years (July 2020 to June 2022).

Since Tesla is catching up fast and is still in the process of scaling up its production, it might just be a matter of a few years before Tesla rules this chart as well.

Seeing Porsche in the 10th position with only 4.0% of the inquiries, is not a good feeling, especially after the advent of the Taycan EV.

Another interesting chart to look at from this analysis is the percentage of queries for luxury cars made from the top 10 states in the United States. One might easily guess it would be California — but it is the District of Columbia with 32.4% and 35.5% respectively.

Top 10 US states with the most inquiries for luxury cars on the LendingTree platform.
Top 10 US states with the most inquiries for luxury cars on the LendingTree platform. Source: Data
analysis by LendingTree spanning 2 years (July 2020 to June 2022).

LendingTree.com is one of the most widely-used platforms that potential car buyers search for auto loan options. On average, it has around 7.5 million visitors every month who are looking for cars and other loans online (source: similarweb.com).

You can read the detailed study by LendingTree here, it has several more findings that you might be interested in learning about.

Stay tuned for constant Tesla updates, follow us on: 
Google News | Flipboard | RSS (Feedly).

Related

Iqtidar Ali
Iqtidar Alihttp://www.teslaoracle.com
Iqtidar has been writing about Tesla, Elon Musk, and EVs for more than 3 years on XAutoWorld.com, many of his articles have been republished on CleanTechnica and InsideEVs, maintains a healthy relationship with the Tesla community across the Social Media sphere. You can reach him on Twitter @IqtidarAlii

Latest News

Tesla (TSLA) wins a multi-billion dollar Megapack deal for battery energy projects in California and Texas

Tesla Energy (TSLA) won a multi-billion dollar deal for supplying its large Megapack batteries to Intersect Power. This battery...

Tesla (TSLA) raises prices of its flagship Model S and Model X EVs in the US and Canada

Tesla, Inc. (TSLA) increased the prices of its flagship luxury sedan Model S and luxury electric SUV Model X...

Tesla Model Y RWD owners can unlock 50 miles of extra range for $1,600 via an OTA update

Tesla (TSLA) is now offering some of its Rear-Wheel Drive (RWD) Model Y owners a chance to unlock 50...

Elon Musk explains the reason behind the delay of the Robotaxi unveiling event

Tesla CEO Elon Musk announced the unveiling date of the Robotaxi a few months ago. The automaker originally planned...
- Advertisement -

SpaceX performs a static fire test on Flight 5 Super Heavy rocket booster (videos, pics)

SpaceX conducted a static fire test on the Flight 5 Super Heavy rocket booster yesterday. This specific version of...

Watch the Flight 4 Super Heavy booster make a vertical splashdown landing in the ocean, Flight 5 landing will be caught by tower arms

It has almost been 3 weeks since Elon Musk's SpaceX launched Starship for the 4th time from its Starbase,...

Flight 4 Starship survives reentry burn and makes a successful splashdown landing

Yesterday’s Starship launch (Flight 4/IFT-4) accomplished all of its goals. The successful launch and reentry of both Super Heavy...

Tesla Tips & Tricks

Tesla Model S and Model X owners can switch the on-screen media player position with a single tap (video)

Tesla (TSLA) keeps improving car features and the screen...

Here’s how the Tesla mobile app V4.0 is different than the old version

Tesla released the newer version 4.0 of its mobile...

Here’s how to recalibrate your Tesla battery to regain lost miles on range

Due to some improper charging habits, a Tesla vehicle's...

Tesla Quarterly Reports & Eearnings

Tesla (TSLA) stock grew more than 40% in an 11-day rally

The share price of Tesla, Inc. (NASDAQ: TSLA) closed...

Tesla (TSLA) makes a comeback with 57,146 more EVs delivered in Q2 2024 compared to Q1

Tesla (TSLA) announced the company's Q2 2024 vehicle production...
- Advertisement -

You might also likeRELATED
Recommended for You