CarMax has released its latest report on used electric vehicle (EV) sales, revealing notable shifts in the market. According to the Spring 2024 CarMax Electric Vehicle Consumer Report, based on sales data from September 1, 2023, to February 29, 2024, the top three most popular EVs at CarMax are the Tesla Model 3, Tesla Model Y, and Nissan LEAF, respectively.
While these models held the top three slots in CarMax’s 2023 report, their average prices have decreased by $3,000 to $5,000 compared to last year. This trend is mirrored in the broader market, as the average price range for the top 10 most popular EVs at CarMax now falls between $22,000 and $46,000, down from $22,000 to $72,000 in 2023.
New additions to the list of popular EVs in 2024 include the Volkswagen ID.4, Audi e-tron, Chevrolet Bolt EUV, and Hyundai Ioniq 5, while the Tesla Model X, BMW i3, and Jaguar I-Pace have dropped off.
SUVs and sedans remain the top traded-in vehicle types for EVs at CarMax, with Toyota maintaining its position as the top traded-in brand for an EV, followed by Ford and Honda. BMW, which previously held second place, has slipped to seventh, while Tesla no longer appears on the list, allowing Hyundai to debut in eighth place.
The report also highlights that the Ford F-150 and Honda Accord share the top spot for models traded in for an EV, with other popular trade-ins including the Honda Civic, Toyota Prius, and Tesla Model 3. The Tesla Model 3 was CarMax’s best-selling EV, with the Honda Accord, Ford F-150, and Jeep Wrangler being the most common trade-ins for the Model 3, indicating its broad appeal across consumer segments.
These trends underscore the evolving dynamics of the used EV market, with shifting preferences and pricing impacting consumer choices and trade-in patterns.
