• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
Tech

Tesla has a new kind of buyer

By
Kirsten Korosec
Kirsten Korosec
Down Arrow Button Icon
By
Kirsten Korosec
Kirsten Korosec
Down Arrow Button Icon
July 29, 2015, 1:30 PM ET
Video Poster

The Tesla owner archetype has changed.

A year ago, the average Tesla Model S owner lived in California and earned more than $100,000 a year. Today, the emergence of a used-car market has pushed the luxury, all-electric automaker into a different pool of buyers who are younger, earn less, and live outside the Golden State, according to analysis released Wednesday by Edmunds.com. Edmunds, the California-based car-buying platform, examined registration data of all 1,600 Tesla Model S vehicles that have ever been sold in the pre-owned market in the U.S.

While it’s not uncommon to see used luxury vehicle ownership expand within a population over time, it is unusual to see it happen to this degree, according to Jessica Caldwell, Edmunds’ director of industry analysis.

The findings, which show the company has a wide-ranging buyer base, bode well for Tesla as it prepares to make its biggest move into the mass market with the upcoming Model 3, Caldwell says.

 

Earlier this year, Tesla (TSLA) began selling used versions of its all-electric Model S on its website. Most of the cars that were first offered through Tesla’s certified pre-owned vehicle program were vehicles whose owners traded them in for the newer all-wheel-drive version of the Model S (P85D) that went on sale late last year.

In several states, the share of used Model S sedans actually surpasses sales of new ones. The market share of used Model S vehicles in Washington is 8.9%, nearly double its share of new Teslas.

In Seattle, the used Tesla market is booming. In 2015, there have been more used Model S registrations in Seattle than in San Francisco, according to Edmunds.

Florida, Washington, Texas, New Jersey, Arizona, and Nevada all sell more used Model S’s than new ones.

California still has the largest share of new and used Model S sales. But here, demand for new Model S vehicles outpace demand for used ones. California’s share of used Model S sales is only 30.5%, compared to its 42.5% share of all new sales, according to Edmunds, which examined registration data of all 1,600 Tesla Model S vehicles have ever been sold in the pre-owned market in the U.S.

The Tesla brand has migrated into different age and earning demographics. Some 36% of all used Model S buyers earn less than $100,000 a year. Only 25% of new Model S buyers have salaries under $100,000.

[fortune-brightcove videoid=4360837436001]

Edmunds also found that owners of used Model S are younger. About 10% of pre-owned Model S buyers are millennials, ages 18 to 34, compared to just 6% of those who purchase a new one.

An Edmunds analysis released earlier this month found millennials are leasing vehicles at higher rates than the overall car-buying population and they’re opting for more luxurious, tech-forward cars than they could otherwise afford to buy. Millennials are particularly attracted to leasing Ram, GMC, and Lexus brands.

Sign up for Data Sheet, Fortune’s daily morning newsletter about the business of technology.

About the Author
By Kirsten Korosec
See full bioRight Arrow Button Icon

Latest in Tech

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Tech

Meta's Hyperion data-center site in Northeastern Louisiana.
EnergyMeta
Meta orders 10 gas-fired power plants for its Hyperion AI campus in rural Louisiana—more than triple the initial plan
By Jordan BlumMarch 27, 2026
17 minutes ago
LawMeta
Meta promised it wouldn’t spy on you with its AI smart glasses. A lawsuit says humans are watching you, actually
By Catherina GioinoMarch 27, 2026
1 hour ago
Steve Wozniak speaks into a microphone, raising his palm in the air.
Big TechApple
Apple cofounder Steve Wozniak admits he’s ‘disappointed a lot’ by AI and hardly uses it: ‘They just sound too dry and too perfect’
By Sasha RogelbergMarch 27, 2026
1 hour ago
AIData centers
Microsoft is picking up a Texas data center project OpenAI didn’t want, in a telling sign of how far they’ve drifted apart
By Matt O'Brien and The Associated PressMarch 27, 2026
3 hours ago
InnovationDrones
The Army and Amazon are creating an online storefront to buy drones as the technology transforms the battlefield
By Jason MaMarch 27, 2026
4 hours ago
kid on laptop with parent blindfolding them
PoliticsSocial Media
Americans want kids shielded from the internet. They don’t trust websites or the government to do anything about it
By Catherina GioinoMarch 27, 2026
5 hours ago

Most Popular

C-Suite
'I didn’t want anybody shooting me': Five Guys CEO gave away $1.5 million bonus to employees over botched BOGO burger birthday celebration
By Fortune EditorsMarch 25, 2026
2 days ago
AI
Exclusive: Anthropic acknowledges testing new AI model representing ‘step change’ in capabilities, after accidental data leak reveals its existence
By Fortune EditorsMarch 26, 2026
20 hours ago
Environment
Vail Resorts CEO says it’s time to think beyond the $1,000 ski pass that helped build the empire
By Fortune EditorsMarch 26, 2026
2 days ago
Success
Meetings are not work, says Southwest Airlines CEO—and he’s taking action by blocking his calendar every afternoon from Wednesday to Friday 
By Fortune EditorsMarch 27, 2026
12 hours ago
Success
Palantir’s billionaire CEO says only two kinds of people will succeed in the AI era: trade workers — ‘or you’re neurodivergent’
By Fortune EditorsMarch 24, 2026
3 days ago
Commentary
The Treasury just declared the U.S. insolvent. The media missed it
By Fortune EditorsMarch 23, 2026
4 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.