Used car retailer CarMax just released its latest used EV sales data, and while the leaders are the same, their prices aren’t.
The used EVs people are buying
The top three most popular EVs at CarMax are the Tesla Model 3, Tesla Model Y, and the Nissan LEAF, according to the Spring 2024 CarMax Electric Vehicle Consumer Report, which draws from sales data between September 1, 2023, and February 29, 2024.
Those three EVs also held the top 3 slots in CarMax’s 2023 report, but on average, these models now cost $3,000 to $5,000 less than last year.
New additions to 2024’s most-popular list include the Volkswagen ID.4, the Audi e-tron, the Chevrolet Bolt EUV, and the Hyundai Ioniq 5. But the Tesla Model X, BMW i3, and Jaguar I-Pace have dropped off the list.
The average prices for CarMax’s top 10 most popular EVs now range from $22,000 to $46,000. That’s a significant change from 2023, when the average price range was $22,000 to $72,000. The top average price has dropped by about $26,000, given the Tesla Model X’s exit from the list and the lower average cost of the Tesla Model S.
What people are trading in
SUVs (39%) and sedans (31%) remain the top traded-in vehicle types for EVs.
Toyota maintains its No 1 position for being the top traded-in brand for an EV, with Ford and Honda following behind.
BMW, which previously held second place, has slipped to seventh, while Tesla dropped off the list, allowing Hyundai to debut in eighth place.
CarMax’s Report says that the Ford F-150 and the Honda Accord share the No 1 trade-in slot for models traded in for an EV. Other popular trade-ins for EVs include the Honda Civic, Toyota Prius, and Tesla Model 3.
The Tesla Model 3 was CarMax’s best-selling EV, and the Honda Accord, Ford F-150, and Jeep Wrangler are the most common trade-ins for the Model 3. CarMax says that underscores the Model 3’s popularity across consumer segments.
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