Car-shopping website Edmunds studied the registration data of all 1600+ Tesla Model S vehicles sold in the pre-owned market in the U.S and published an interesting report today about the differences between Tesla’s used car market and new car market.
The main takeaways from the report are not too surprising. Used Model S’s are allowing Tesla to reach customers with a lower income than their new car customers, although the majority of used car customers are still making well over $100,000 a year – only 25% of new Model S buyers make under $100,000 a year versus 36% for used Model S owners:
Related to the income averaging down for used vehicles, the average age of used vehicle registrants is also unsurprisingly lower than it is for new vehicle registrants:
But what is most interesting about Edmunds’ report is where those used cars are going. Tesla’s biggest market in the U.S is without a doubt California with 45.2% of new car sales and this remains true for used cars, but with a significantly lower share – 30.5% of used Model S registrations are in California.
As Jessica Caldwell, Director of Industry Analysis at Edmunds, puts it – this means that Model S’s are “migrating” out of California.
Where are they migrating?
Here are the top 15 markets for used Tesla Model S’s according to Edmunds:
These statistics are very interesting. There are significant decreases in Tesla’s most popular markets like Los Angeles, the Bay Area and Chicago – and states like Florida, Washington and Texas are experiencing gains over new car sales.
Credit for the picture to Jon Jivan.