Car buyers who ultimately end up purchasing Tesla electric vehicles end up having the longest average auto term loans, a new study from LendingTree says.
LendingTree surveyed over 29,000 auto loans spanning over three years to conclude that Tesla drivers are applying and receiving the longest term loans. On average, Tesla drivers have an auto loan term of 67.1 months, slightly more than Ram at 66.3 months, Kia at 64.8 months, GMC at 64.6 months, and Land Rover at 64.3 months. The national average is 62.9 months, the study concluded.
Kelley Blue Book recently released figures that showed the average price of a new car in the United States is $45,031. The same data showed Tesla has an average vehicle cost of $55,085, more than $10,000 more than the average cost of a new car. However, it is not the highest average cost of a vehicle based on the manufacturer, as Daimler holds the highest transaction price average at $75,369. Tesla also had the lowest vehicle price increase rate from September 2020 to September 2021, with an increase of only 1.5 percent. The industry average was 12.1 percent.
It is no secret that Tesla’s vehicles are more appealing than most, especially in the ever-changing automotive market. As electrification becomes more popular, car buyers are going toward brands that have higher reputations, and Tesla has proven itself to be the most productive and effective manufacturer in the development of electric vehicles. Not only does Tesla have the most well-rounded charging infrastructure currently, but the vehicle itself is also extremely user-friendly and consistently improves with over-the-air updates.
Drivers are flocking to Teslas, and once they buy them, there is no turning back. J.D. Power’s 2021 APEAL study, which tests how an owner emotionally connects with their new car and how they feel after 90 days of ownership, revealed Tesla had the highest score in the study for the second-straight year.
Some drivers may be more keen to embrace a longer-term loan to reduce the monthly payment to have a Tesla, the study seems to suggest. Instead of buying a vehicle that is slightly more comfortable financially, some drivers may be willing to extend a loan for a few more months just to drive a Tesla for environmental, infrastructure, or other personal reasons. Without a doubt, Teslas offer the most unique driving experience on the road today. It shows through the LendingTree study.