A recent study has found that Tesla owners are likely to have the highest average credit scores among customers looking to purchase a vehicle. The study, which was published this week by online lending firm LendingTree, noted that Tesla buyers on average have a credit score of 740, putting them on top of the research’s rankings.
LendingTree’s study analyzed more than 35,000 auto loans that were made on its platform. Closely behind Tesla was Porsche, whose owners had an average credit score of 727. Japanese luxury carmaker Lexus came in third, with its vehicles’ buyers having an average credit score of 699.
At the bottom of LendingTree’s list is Chrysler, whose buyers’ average credit score is a conservative 656. Traditionally budget-friendly brands from Asia such as Kia and Nissan were ranked just a bit above Chrysler, with their customers’ average credit scores listed at 659 and 665, respectively.
Tesla’s electric cars compete in the premium segment; hence, the auto loans that customers take out for the vehicles generally require a high credit score. The high monthly premiums that Teslas attract from insurance providers also drive up the cost of owning the company’s electric cars. Some of these costs are set to be addressed by Tesla in the near future, as it rolls out its own insurance solution, a service announced by Elon Musk during the first-quarter earnings call.
Beyond their premium upfront cost, Tesla’s electric cars are actually among the most practical and cost-effective vehicles on the road today. Thanks to their all-electric construction, Teslas don’t require as much maintenance as comparable internal combustion vehicles. Parts such as brake pads also last longer, due to features like regenerative braking.
Perhaps one of the usually-neglected advantages of Tesla’s electric cars is their capability to charge their batteries from their owners’ home. The costs of recharging an electric vehicle are generally more affordable than the cost of refueling the tank of a gas or diesel-powered car. EV owners that charge their vehicles from home also enjoy the advantage of leaving their garages every day with a “full tank.”
Tesla has already started dipping its feet into the mass market with the Model 3’s affordable variants like the Standard Plus version, which allows the company to tap into a broader demographic of car buyers. With Tesla’s constant state of optimization, there is a good chance that the company could improve and potentially lower its vehicles’ costs further in the near future.