According to the retailer, the average price of the most popular used electric vehicles has dropped by up to $5,000 compared to last year xemax.
Sales data from September 1, 2023 to February 29, 2024 shows that the top electric vehicle models at CarMax are Tesla Model 3, Tesla Model Y and Nissan Leaf. They were also the best-selling models in a previous CarMax report published in 2023, but since then, the average price of all three models has decreased. The current report shows an average price of $34,045 for the Model 3, $43,896 for the Model Y and $18,465 for the Leaf.
Overall, in the list of best-selling cars, the average price is $3,000 to $5,000 lower than last year, according to CarMax.
Tesla Model 2020 3
This time, the number of electric cars from luxury brands is also less in the top 10 best-selling cars, with only 4 luxury car models represented compared to the previous 6 models. That appears to have helped lower the ceiling on used electric vehicle prices.
Those prices ranged from $22,000 to $72,000 last year, but while the lower number remains the same, the higher price this time is $46,000. CarMax attributes that in part to removing the Tesla Model X from the list and lowering the average price for the Model S, which ranked ninth on this year’s list. The only non-Tesla luxury car to make the top 10 this year is the Audi e-tron in sixth place.
And it’s not as if interest in electric vehicles is lagging. The report also shows a steady increase in monthly searches on the CarMax website for electric vehicle models. According to the report, searches for electric vehicles increased by 177% from January 2021 to February 2024.
Tesla Model Y
New and used electric vehicle prices skyrocketed in 2020 and 2021, and by mid-2022, some were warning that may soon collapse There is no more reasonable option.
This continues to be a completely different set of market dynamics than two years ago. About 16 months ago, in October 2022, some analysts said that Prices have peaked and the market has begun to stabilize. About six months later, Model 3 started to decline in its used values and the rest of the Tesla line and the electric vehicle market followed a few months later.
Although the price is quite different, some car exchange methods should be noted by CarMax with last year’s report has continued. For example, the Honda Civic and Toyota Tacoma are once again the most popular Model 3 trade-ins.
