Thanks to the 16,692 sales of the Cybertruck in the third quarter, Tesla now holds the top three spots in the list of the most loved electric vehicles in America.
Competition in the EV Market
In fourth place is the Ford Mustang Mach-E, with 13,392 units sold. Meanwhile, a surprising newcomer has entered the top five: the Honda Prologue, which has successfully sold 12,644 electric SUVs. This shift in the rankings highlights the growing diversity and competition in the EV market.
Affordable Leasing Options
A contributing factor to the Prologue’s success might be its attractive lease options starting at $289 per month. Currently, leasing has become the favored method for purchasing an electric vehicle in the U.S., making up 80% of the market, a notable rise from just 16% at the start of this year. Moreover, as new EV prices have dropped, the average monthly lease payment has plummeted from $950 to $582, making EVs more accessible to a wider audience.
Changes in Used EV Pricing
The inventory of second-hand EVs is also on the rise at dealerships, prompting sellers to reduce prices by 25%. As a result, the average price of a used EV has now dipped below that of a traditional gas-powered car.
Despite these trends, the pricy $100,000 Cybertruck has secured its position as the third best-selling EV in the United States during the last quarter. With Tesla already launching a more affordable version that is not part of the Foundation Series, it is expected to maintain its ranking in Q4.
Tesla’s Popular Models
The Model Y and Model 3, which are the top-selling and second-best-selling electric cars in America, are likely to stay at the forefront as Tesla has rolled out attractive 0% APR financing and zero down payment offers for these models.
Sources: WSJ, KBB (PDF)
