A new survey shows a significant decline in consumer interest in purchasing Tesla vehicles, and we may know why. Kelly Blue Book has released its latest Brand Watch survey, and the company claims it points to consumer interest in Tesla vehicles.
Meanwhile, consumer interest in Tesla declined quarterly. Tesla fell from fifth to sixth in the ranking of most purchased luxury brands, with 12% of all luxury buyers considering Tesla – down 3 percentage points from Q2 2022 and significantly the largest quarter-over-quarter loss of any luxury brand.
Purchase considerations for the Model 3 sedan fell 10% from the second quarter, and both the Tesla Model Y and Model S dropped out of the top 10 most-purchased luxury car list for the first time in two years.
But, interest in the more expensive Model Y in the U.S. has declined somewhat, and that may be explained by the fact that the SUV is expected to qualify for new federal tax credits starting in January.
Although Tesla has dominated the US EV market for years at a disadvantage against other automakers that still had access to a $7,500 federal tax credit for electric vehicles, the impact of regaining access was expected to be felt more strongly. Get around to new stimuli.
