Photo: CarMax | composition
As electric vehicles become more popular in the US, people are finally warming up to the practice of buying used EVs. Tesla is, understandably, the most popular used EV brand since it has the biggest EV fleet on the road.
The US public has been unusually reluctant to embrace electric vehicles, making the country lagging other regions when buying electric cars. Things have changed in the past years, with 7% of car sales being fully-electric in 2022. This is still a far cry from China and Europe, but it's a sign that things are moving in the right direction. As more people consider going electric, they explore the used car market for cheaper offers. Things have heated up considerably in 2023, not least because the Inflation Reduction Act offers up to $4,000 as a tax credit for used EVs in certain conditions.
CarMax, one of the largest used car retailers in the US, has seen a significant increase in consumer interest in electric vehicles in the past year. The number of searches for EVs doubled in February 2023 compared to the same month last year. A CarMax study shows that interest in electric vehicles spiked in March 2022, when gas prices skyrocketed, and in October 2022, when the IRA EV credits were being discussed.
As the maker of the most-sold electric vehicles in the US (and the world), Tesla is also the leader of the used EV market. The top five most popular EVs on the CarMax platform in February 2023 were Tesla Model 3, Tesla Model Y, Nissan Leaf, Ford Mustang Mach-E, and Chevrolet Bolt EV. Tesla Model S and X ranked seventh and eighth, behind the BMW i3.
Average prices for the top ten most popular EVs range from $22,000 to $72,000. The average price for the Tesla Model 3 was $37,000, while the Model Y traded at $47,807. Tesla Model X is the most expensive model in CarMax's Top 10 list, with an average selling price of $72,136, followed by Tesla Model S, at $63,331. Tesla's used prices have decreased abruptly after the EV maker butchered new car prices this year.
CarMax also considered what vehicles people were trading in when purchasing an EV at CarMax. Based on the vehicle type, SUVs accounted for 40% of the trade-ins, with sedans and coupes in the second position, with 29%. When looking at the car brands people switched from to buy an EV, Toyota holds the top spot, with 12% of trade-ins. Ford and BMW are tied, at 8%, while Honda and Chevrolet follow with 7% each.
CarMax has dug deeper into data and found that people purchasing a used Tesla Model 3 would most likely come from a Honda Civic or a Toyota Tacoma. Most shoppers buying a Nissan Leaf were trading in a Toyota Prius, while Chevrolet Bolt EV customers came from the Chevrolet Volt. Tesla owners also like to stay with the brand, as most people upgrading to a Model S or Model Y trade in a Model 3.
CarMax, one of the largest used car retailers in the US, has seen a significant increase in consumer interest in electric vehicles in the past year. The number of searches for EVs doubled in February 2023 compared to the same month last year. A CarMax study shows that interest in electric vehicles spiked in March 2022, when gas prices skyrocketed, and in October 2022, when the IRA EV credits were being discussed.
As the maker of the most-sold electric vehicles in the US (and the world), Tesla is also the leader of the used EV market. The top five most popular EVs on the CarMax platform in February 2023 were Tesla Model 3, Tesla Model Y, Nissan Leaf, Ford Mustang Mach-E, and Chevrolet Bolt EV. Tesla Model S and X ranked seventh and eighth, behind the BMW i3.
Average prices for the top ten most popular EVs range from $22,000 to $72,000. The average price for the Tesla Model 3 was $37,000, while the Model Y traded at $47,807. Tesla Model X is the most expensive model in CarMax's Top 10 list, with an average selling price of $72,136, followed by Tesla Model S, at $63,331. Tesla's used prices have decreased abruptly after the EV maker butchered new car prices this year.
CarMax also considered what vehicles people were trading in when purchasing an EV at CarMax. Based on the vehicle type, SUVs accounted for 40% of the trade-ins, with sedans and coupes in the second position, with 29%. When looking at the car brands people switched from to buy an EV, Toyota holds the top spot, with 12% of trade-ins. Ford and BMW are tied, at 8%, while Honda and Chevrolet follow with 7% each.
CarMax has dug deeper into data and found that people purchasing a used Tesla Model 3 would most likely come from a Honda Civic or a Toyota Tacoma. Most shoppers buying a Nissan Leaf were trading in a Toyota Prius, while Chevrolet Bolt EV customers came from the Chevrolet Volt. Tesla owners also like to stay with the brand, as most people upgrading to a Model S or Model Y trade in a Model 3.
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