CarMax’s Spring 2024 Electric Vehicle Consumer Report has revealed that Tesla’s two most popular vehicles, the Model Y crossover and Model 3 sedan, are among the most popular EVs in the United States’ second-hand vehicle market. The Nissan LEAF, a veteran in the EV sector, also proved popular.
CarMax is one of the United States’ largest retailer of used automobiles. Thus, the company’s data provides valuable insight into the country’s used vehicle market. As per CarMax in its report, consumer interest in used EVs has seen a notable rise since 2021. From the start of 2021 to February 2024, monthly search volumes for electric vehicles in the US saw a 177% increase.
While the Tesla Model 3, Tesla Model Y, and Nissan LEAF maintained their place as the top three most popular used electric cars in CarMax, the second-hand vehicle retailer observed that the vehicles saw a shift in pricing compared to the previous year. Sales data from December 2023 to February 2024 currently show that the vehicles now cost $3,000 to $5,000 less on average.
Interestingly enough, the Model 3 seems to be a very popular used electric car. While the Tesla Model Y was last year’s most sold new vehicle worldwide, the Tesla Model 3 was the best-selling EV at CarMax from September 2023 to February 2024. The top trade-ins for the Model 3 sedan are quite interesting as they include affordable cars like the Honda Accord and much larger vehicles like the Ford F-150 and Jeep Wrangler.
Jim Lyski, EVP, Chief Innovation and Strategy Officer at CarMax, shared a comment on the results of the Spring 2024 Electric Vehicle Consumer Report.
“Our data analysis confirmed that consumers are still very interested in EVs and that sales were increasingly trending beyond the West Coast. The availability of new models coupled with recent price cuts on new EVs may have contributed to ongoing interest from consumers considering making the switch from gas to electric,” Lyski noted.
CarMax’s Spring 2024 Electric Vehicle Consumer Report can be viewed here.
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