Electric vehicles are capturing the American market’s interest, with Tesla’s Cybertruck making a significant splash. In the third quarter alone, Tesla sold 16,692 units of the Cybertruck, catapulting it to join the top tier of the most popular electric vehicles in the U.S. Tesla now holds the top three spots, with the acclaimed Model Y and Model 3 leading the charge alongside the Cybertruck.
Riding the wave of growing demand is the Ford Mustang Mach-E, securing the fourth spot by selling 13,392 units. However, a surprising newcomer, the Honda Prologue, has overtaken expectations. This electric SUV has edged into the top five, moving 12,644 units. The attractive leasing options—starting at just $289 per month—are likely driving its popularity. Leasing, as preferred by 80% of buyers now, has seen a dramatic rise from just 16% at the start of the year. This shift is partly due to the drop in new EV prices, bringing the average lease payment down from $950 to $582 a month.
Meanwhile, used electric vehicles are facing their own challenges with showrooms brimming with inventory. This surplus has pressed dealers to reduce prices by 25%, resulting in the average price of a used EV now dipping below that of traditional gas-powered cars.
Despite the high price tag of the Cybertruck, which starts at $100,000, it’s a testament to Tesla’s allure and market strategy, helping it claim the third spot among bestselling EVs. With a more affordable non-Foundation Series version on the horizon, its popularity is unlikely to wane in the coming months.
The Tesla Model Y and Model 3 continue to dominate the market, further strengthened by Tesla’s enticing offers of 0% APR financing and no down payment. These initiatives are likely to keep their positions secure, sustaining Tesla’s leadership in the electric vehicle space and attracting even more consumers to the electric vehicle revolution.
