Tesla, Elon Musk’s electric car company, asserted that among trade-ins for its much-hyped Model 3, more than 50 percent of them cost less than $35,000 when they were new, a statistic that reveals a truth about new Tesla owners: The majority of them are happy to pay more, or “trade-up,” for a Model 3.

The detail was in a letter to shareholders released on Wednesday ahead of the company’s quarterly earnings call.

“For many people it is the most expensive car they’ve ever bought,” Musk told investment analysts on a conference call. “They are clearly demonstrating with their money that they are willing to spend extra money to get Tesla. It’s mass-market premium.”

Read More… Tesla Q3 Shareholder Letter Reveals a Truth About Model 3 Owners

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