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Tesla: the California’s millionaire’s car of choice

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Breanna Deutsch Contributor
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If you drive a Tesla, you are probably a millionaire living in California.

Tesla’s Model S sedan was the top-selling car in eight of the country’s top 25 wealthiest zip codes for the first eight months of the year, according to a study conducted by Edmonds.com.

All eight of those zip codes were in Tesla’s home state of California, and for a good reason.

California’s government has created a long list of incentives for people to find their way to the local Tesla dealership.

The state’s Zero Emissions Tax Credit awards drivers $7,500 for taking home an electric vehicle, makes them eligible for a $2,500 state tax credit, and gives them access to high occupancy lanes.

These government manufactured benefits helped Tesla earn 15.4 percent of the new vehicles registered for people living in Atherton, California, where the median house price sits at $6.67 million.

Tesla also did well in California’s Los Altos Hills where it won 11.9 percent of the market for new vehicles. The homes in these rolling hills cost an average of $5.4 million.

Elon Musk’s electric car did not fare so well in high income neighborhoods without generous subsidies for zero emissions vehicles.

In the wealthiest area of NYC, Tesla only made up 0.3 percent of the total new registered vehicles.

And in Sagaponack, New York, the nation’s fifth highest income area, Tesla made up a grand total of 0.0 percent of the market share.

It did not do much better across the nation as a whole, earning only 0.1 percent of this year’s total vehicle retail sales.

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Tags : tesla
Breanna Deutsch