Tesla takes market share in swanky communities
The Model S is the most registered vehicle in 8 of the 25 wealthiest U.S. ZIP codes.
Forbes recently published its annual list of the most expensive ZIP codes in the country and, unsurprisingly, exclusive enclaves in California and the East Coast dominate the list.
And in more bad news for established luxury automakers watching upstart Tesla gobble up market share, an analysis by Edmunds.com found that the Tesla Model S is the most registered vehicle in 8 of the 25 the wealthiest U.S. ZIP codes.
While those in the old-money East Coast communities still prefer a more staid Mercedes-Benz or a low-key Jeep Grand Cherokee, the Model S took the number-one spot in more top 25 ZIP codes than any other single vehicle model. And in the top two wealthiest communities — both in California’s Silicon Valley — the Model S has a double-digit market share.
Topping the Forbes list is Atherton and Los Altos Hills, California, where the median home price is $6,665,231 and $5,404,692, respectively. And where the Model S enjoys a 15.4 percent market share in Atherton and 11.9 percent in Los Altos Hills.
Number three on the list is the 10065 ZIP code that’s in New York City’s Upper East Side, with a median home price is $4,860,494. The most registered car title there is a tie between the Mercedes GL-Class and the Jeep Grand Cherokee, and the Model S has only a 0.3 percent market share.
In number four Belvedere, California with a median home price of $4,807,885, the more modest Mercedes-Benz E Class is the most registered vehicle, but the Model S still has a 2.3 percent market share. In number five Sagaponack, New York, where the median home price is $4,790,769, the Jeep Wrangler is the wheels of choice for the well-heeled.
The only two ZIP codes outside of California and the New York area to make it onto the Forbes top 25 are Aspen, Colorado, and Coral Gables, Florida, at numbers 11 and 12, respectively. The community of rich Floridians favor the BMW 3-Series, while those in Aspen prefer the Ford F-Series pickup. Interestingly, in number 19 Walter Mills, New York, the Chevrolet Silverado pickup is the most popular.
While Tesla’s market dominance is still mostly confined to California, Edmunds pointed out that trends and technology often start on the West Coast and then migrate eastward across the country. It also noted that as Tesla increases its number of models and price points, the company could see demand increase in wealthy communities, and that most luxury car brands sell the largest volumes in entry-level segments.
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