Consumer interest in used electric vehicles continues to grow. CarMax data show that Tesla cars are the most popular, with Model 3 and Model Y taking the top spots.
The electric vehicle market continues to saturate with new models, giving consumers more options. CarMax conducted research to understand how consumer interest in EVs has changed and which used EVs are the most popular in the US.
To understand the interest of used car buyers in used electric vehicles over time, CarMax studied the search volume for the term “electric”on CarMax.com starting in January 2021. Analysts first noticed the big spike between February and March 2022. It was around the same time that average US gas prices rose from $3.54 per gallon on February 7, 2022, to $4.20 per gallon on March 7, 2022. However, the growth of interest did not stop there.
In February 2023, searches containing the word “electric” on CarMax.com doubled compared to last year. The highest peak is in October 2022, when 5.6% of searches on CarMax.com contained the term “electric.” This indicates that consumer interest in used electric vehicles continues to grow.
Among the most popular electric vehicles are all four Tesla models, with Model 3 and Model Y occupying the top two positions. According to CarMax's February 2023 sales data, the top five most popular electric vehicles on CarMax are Tesla Model 3, Tesla Model Y, Nissan Leaf, Ford Mustang Mach-E, and Chevrolet Bolt EV. Tesla Model X is in seventh place, and Tesla Model S is in eighth. Overall, Tesla vehicles are among the most expensive of the top 10, indicating that consumers are willing to pay more to get these vehicles.
A deeper look into the specific makes and models that used car buyers trade in for electric vehicles reveals that Tesla Model 3 was most often chosen to upgrade Honda Civic, with Toyota Tacoma being second. Meanwhile, Tesla buyers switching to Model S or Model Y were the most likely to trade in their Tesla Model 3 for them.
© 2023, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.