Tesla landed three of its models in Carvana’s Top 5 electric vehicle trade-ins for the second quarter of 2024, revealing many gas and EV buyers are turning their cars in for either the Model 3, Model Y, or Model S.
Tesla seems to have a knack for winning over those car owners who choose to trade their vehicles into Carvana, and sales data shows there are even several who trade in one Tesla for another.
The Model 3 and Model Y led the top five, with the Model S falling just behind the Chevrolet Bolt EUV, but in front of the fifth-place Nissan LEAF.
The Model 3 was most commonly bought by those who traded in a Honda Civic, Honda Accord, Toyota Camry, Nissan Altima, or BMW 3 Series, data from Carvana showed as they reported earnings this week.
Model Y buyers most commonly traded in the Model 3, but the Accord, Toyota Corolla, 3 Series, or Lexus IS were also commonly turned in for the all-electric crossover, which became the best-selling vehicle globally last year.
The Model S is where things get interesting. It seems Tesla drivers wanted to stick with sedans, but they also wanted to stay in the company as they bought either a Model 3 or another Model S. The Model 3 was the most common trade-in for the Model S. The Honda Accord, Model S, Mercedes-Benz C Class, and GLC followed.
Brand loyalty amongst Tesla owners has been commonly discussed over the past few years. Many of Tesla’s most loyal fans and owners tend to stay within the company so they can experience new features with a vehicle as it is updated and refreshed.
However, some choose to either size up, as many Model 3 owners did with the Model Y, or choose a more premium vehicle, as Model 3 owners did by trading into a Model S.
I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.