Consumer interest in used electric vehicles is on the rise, with some of the most popular gas-powered vehicles being traded in for electric vehicles, according to data compiled by the retailer. XeMax.
Search traffic for terms containing “electricity” on CarMax’s website doubled from February 2022 to February 2023, with a peak of 5.6% of searches containing “electricity” on October 2022. CarMax attributed part of the reason to rising gasoline prices throughout 2022.
Chevrolet Bolt EV 2021
The most popular electric vehicles on CarMax from September 2022 to February 2023 were the Tesla Model 3, and CarMax says the most popular models in exchange for Tesla were the Honda Civic and Toyota Tacoma—two popular gasoline models. Toyota is also the most traded brand for electric vehicles, with Tacoma coming near the top in terms of models traded.
Based on the data, Tesla owners are more loyal to the brand. Buyers of a Model S or Model Y often trade in a Model 3. And the most popular exchange for the Chevrolet Bolt EV is its plug-in hybrid cousin, the Chevy Volt. Eligible for a used car tax credit that already has a have a significant effect on the price of PHEVCarMax pointed out late last year, when the Volt was one of the most popular PHEVs in its inventory.
Nissan Leaf 2021
A similar pattern has been observed with the Toyota Prius, which is often exchanged for a Nissan Leaf. The Leaf was also the third most commonly used EV at CarMax during the study period.
The price of used electric vehicles is not stable. Some valuation agencies report that Used EV prices have peaked last summer, following a bull run that began before the pandemic. Recent values have been led by Model 3although analysis has speculated on whether Long-range electric vehicles hold better prices.
