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With hundreds of thousands of Tesla autos bought within the US by now, an increasing number of Teslas are inevitably going to be traded in for different autos by homeowners who resolve they not need the automotive for one motive or one other. And it could simply be that these folks needed one other car that grew to become out there after they initially purchased their Tesla. Now, with knowledge from Edmunds, we’ve extra perception into which autos Tesla homeowners who commerce of their vehicles are buying and selling them in for.
Initially, although, let’s be aware that these stats are based mostly on Tesla autos traded into dealerships. Naturally, most Tesla trade-ins are in all probability for different Teslas — to Tesla. These usually are not captured in these stats, although. Additionally not captured are trade-ins to different EV corporations that don’t undergo sellers — Rivian, Polestar, Lucid, or Fisker (RIP). Relating to Tesla itself, “Tesla still maintains an 87% brand retention rate, outperforming two non-electric automakers at 67% with Lexus and 54% at Toyota,” in accordance with knowledge from Bloomberg Intelligence printed in April 2024.
Based mostly on the Edmunds knowledge, these are the fashions (electrical and fuel) that Tesla trade-ins at dealerships are mostly for:
As we are able to see, the highest three fashions are all full electrics (the Ford F-150 Lightning, Cadillac LYRIQ, and Kia EV9). Then, after the Chevy Silverado 1500, there are three extra full electrics (the BMW i4, Ford Mustang Mach-E, and BMW iX).
As I’ve acknowledged many instances previously yr or two, there are numerous extra nice electrical car choices available on the market at the moment than there have been 5 years in the past. This checklist exhibits it. These six electrical autos are all high-quality, long-range electrical autos that you may wholeheartedly advocate to a buddy if they provide the styling and branding the buddy needs.
So far as why Tesla consumers could also be buying and selling in for these autos, they may need a pickup truck (Lightning), an extended and enormous SUV with totally different options or styling (LYRIQ and EV9), the styling and branding of a BMW (iX and i4), or the somewhat distinctive try at a throwback generally known as the Mustang Mach-E, which I completely love.
Regardless of full electrical autos dominating the checklist of autos Tesla drivers are more than likely to commerce in for, about half of Tesla homeowners on this case had been buying and selling in for non-electrics. Nonetheless, recall that that is Tesla autos traded in at auto dealerships, and doesn’t embody trade-ins to Tesla itself. Indisputably, a big portion of Tesla drivers commerce in for brand new Teslas. Nonetheless, excluding that matter, the information inform us that we nonetheless want much more EV fashions — since six EV fashions dominate the highest trade-ins checklist however EVs general path gasmobiles (of which there are numerous extra fashions in lots of extra lessons).
Pickup vehicles stand out right here since trade-ins for these pickups appear to point that many Tesla homeowners who need or want a truck usually are not within the Cybertruck. Although, given restricted availability of the Cybertruck nonetheless, maybe it’s early to be leaping to such conclusions. Additionally, the pickup vehicles on that checklist above simply come to 11.4% of Tesla trade-ins. And nobody ever thought that each Tesla proprietor would really like the Cybertruck anyway.
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