Model 3 LR demographic poll

[kbecks13]

I'd love to see the numbers on what percentage of each age range purchase luxury cars (i.e BMW, Merc, Tesla etc.) and then what the market share is for each brand, by age.

I have a feeling that the younger generations are super drawn to brands like Tesla, but i have absolutely nothing to support this other than my feelings

 

[kaffine]

I'm only a few weeks away from having to change brackets.

 

[wcorey]

Ha ha, thanks. It’s almost a perfect bell at this point, crazy right?

I know! I would have .et it would be weighted to Millennials, whixh it actually is just not as obvious as I expected.

 

[chracatoa]

Yay, I'm 36-45! Barely...

 

[wcorey]

I'd love to see the numbers on what percentage of each age range purchase luxury cars (i.e BMW, Merc, Tesla etc.) and then what the market share is for each brand, by age.

I have a feeling that the younger generations are super drawn to brands like Tesla, but i have absolutely nothing to support this other than my feelings

Google, all those analytics are known.

 

[wcorey]

Haha! It’s the oldest I’ve ever been!

I said the same thing at 5....literally!
I do feel bad for thirty-somethings going prematurely bald. I think that's payback for screwing up in a prior life.

 

[wcorey]

I'd love to see the numbers on what percentage of each age range purchase luxury cars (i.e BMW, Merc, Tesla etc.) and then what the market share is for each brand, by age.

I have a feeling that the younger generations are super drawn to brands like Tesla, but i have absolutely nothing to support this other than my feelings

Short answer is 9%.
Per https://dealers.edmunds.com/static/assets/articles/LUXURY_REPORT_EDMUNDS.pdf

Also this:
Demographic Shifts: Shaping the Future of Car Ownership - Knowledge@Wharton

among other information:
“Millennials have a lower rate of car ownership than previous generations at their age.”
“Millennials buy cars more pragmatically. … They are forever going to be more on the pragmatic car-as-commodity, car-as-appliance part of the equation.”

 

[EnrgyNDpndnce]

I know! I would have .et it would be weighted to Millennials, whixh it actually is just not as obvious as I expected.

It really depends on how you define Millennials. If you go with the Pew definition (which is widely used), they were born between 1981 and 1996, so today’s Millennials range in age from 22 to 37. Based on that, only about 20% of the middle quintile of this poll are actually Millennials. The rest are Gen X’rs like me. That means that roughly 36% or a bit over 1/3 of the total respondents are Millennials. To me that number is surprisingly high given that we’re talking about a car ranging in price from $50k to over $75k depending on configuration. I really thought when I launched the poll that an overwhelming majority would be in the top 2 quintiles based on the price of the car, but in reality it’s only 35%.

Now, once the base model, standard range Model 3 is available with no options at $35k, I do think you’ll see a majority of purchasers will be Millennials. One thing’s for certain, it will be very interesting to watch.

 

[follow.johnny]

I'm in the 26-35 bracket I'm so thankful I can afford this car btw!

 

[wcorey]

It really depends on how you define Millennials. If you go with the Pew definition (which is widely used), they were born between 1981 and 1996, so today’s Millennials range in age from 22 to 37. Based on that, only about 20% of the middle quintile of this poll are actually Millennials. The rest are Gen X’rs like me. That means that roughly 36% or a bit over 1/3 of the total respondents are Millennials. To me that number is surprisingly high given that we’re talking about a car ranging in price from $50k to over $75k depending on configuration. I really thought when I launched the poll that an overwhelming majority would be in the top 2 quintiles based on the price of the car, but in reality it’s only 35%.

Now, once the base model, standard range Model 3 is available with no options at $35k, I do think you’ll see a majority of purchasers will be Millennials. One thing’s for certain, it will be very interesting to watch.

First, doing it at all I think was brilliant! I didn't know Pew did a formal definition. I think it's wrong just as I think k the definition of boomers is wrong. I consider a Millennial someone entering the work force after 1999. My estimation someone
able to afford a $60,000 +/- car, esp young, went to college. They'd be 22 in 2000, making them 40 or less now. Boomers, conceived shortly after WW II, '46 - '59. But thats me!

Agree on $35,000 model!

 

[wcorey]

One thing’s for certain, it will be very interesting to watch.

Absolutely! The other interesting thing to watch, given that... just how fast the big three switch, buy IP, this is why, IMHO, Musk wants their V3 chip rather than NVidia. They can license it to others...along with the batteries. The best thing to happen to Tesla is competition solidifying the market as non-gasoline. Toyota has a fuel cell Prius. How often do you see a Hydrogen station on your daily commute?

 

[Spudford]

Plus you are super cool becuase you live in the Redneck Riviera AND you admit it! Where I come from that means you’re in PCB, correct?

Even redneckier than that: Pensacola. Actually, outside Pensacola. Where a guy was going to shoot a puppy, and the puppy got him first. (Puppy shoots Florida man, deputies say)

 

[EnrgyNDpndnce]

Not trying to revive this thread, it has served its purpose. Just wanted to drop a note to all who participated and give you a big THANK YOU for doing so. When I launched the poll, I thought we’d get 50 or maybe 100 responses at most. As of this morning we have 261 responses!

Now that doesn’t make this poll any more scientific or valid than it would have been with 100 responses, but I’m willing to bet my professional reputation as a pollster and data analyst (I’m in sales btw) that this poll is in fact fairly representative of the Model 3 buying public at large.

To those who have your cars already, congrats. And to those of us still waiting, it will happen one day!

 

[1deepthink]

For what it's worth, this is probably the most diverse car forum I've visited. Most sports car oriented forums are filled with young, testosterone filled males. The luxury/exotic forums are filled with mostly older businessmen and specialty doctors lo

Not trying to revive this thread, it has served its purpose. Just wanted to drop a note to all who participated and give you a big THANK YOU for doing so. When I launched the poll, I thought we’d get 50 or maybe 100 responses at most. As of this morning we have 261 responses!

Now that doesn’t make this poll any more scientific or valid than it would have been with 100 responses, but I’m willing to bet my professional reputation as a pollster and data analyst (I’m in sales btw) that this poll is in fact fairly representative of the Model 3 buying public at large.

To those who have your cars already, congrats. And to those of us still waiting, it will happen one day!

Actually thank you for reviving! The diversity of ages is actually a REALLY powerful observation and further evidence that Tesla has a massive market that it can sell to!

 

[mike123abc]

I would expect the results to start dropping in age. The more expensive models tend to be harder to finance by a younger crowd. Once the price starts dropping with the 35k model, I would expect the demographics to shift.