The Spring 2024 Electric Vehicle Consumer Report from CarMax reveals that Tesla’s Model 3 and Model Y, along with the Nissan LEAF, are among the most popular electric vehicles in the second-hand vehicle market in the United States. CarMax is a major retailer of used automobiles in the US, providing valuable insights into the country’s used vehicle market. The report shows that consumer interest in used EVs has increased significantly since 2021, with a 177% rise in monthly search volumes for electric vehicles from the start of 2021 to February 2024.
Even though the Tesla Model 3, Model Y, and Nissan LEAF maintained their positions as the top three most popular used electric cars at CarMax, there has been a shift in pricing compared to the previous year. Sales data from December 2023 to February 2024 indicate that these vehicles now cost $3,000 to $5,000 less on average. Of particular note is the popularity of the Model 3 as a used electric car, surpassing even the Model Y, which was the best-selling new vehicle globally last year. The top trade-ins for the Model 3 sedan include more affordable cars like the Honda Accord, as well as larger vehicles like the Ford F-150 and Jeep Wrangler.
Jim Lyski, EVP, Chief Innovation and Strategy Officer at CarMax, commented on the results of the Spring 2024 Electric Vehicle Consumer Report, noting that consumer interest in EVs remains strong, with sales trends expanding beyond the West Coast. Lyski suggested that the availability of new models and recent price cuts on new EVs may have contributed to the ongoing interest from consumers considering the switch from gas to electric vehicles. The full report is available to view through CarMax’s website.
The Spring 2024 Electric Vehicle Consumer Report highlights the continued popularity of electric vehicles in the US second-hand market, with the Tesla Model 3 and Model Y standing out as top choices for consumers. The Nissan LEAF, a veteran in the EV sector, also remains a popular option among used car buyers. The rise in consumer interest in used EVs since 2021, as indicated by the significant increase in monthly search volumes for electric vehicles, points to a growing demand for environmentally-friendly transportation options.
CarMax’s data, based on sales from December 2023 to February 2024, shows that prices for popular used electric cars like the Tesla Model 3, Model Y, and Nissan LEAF have decreased by an average of $3,000 to $5,000 compared to the previous year. This shift in pricing may make electric vehicles more accessible to a wider range of consumers, further driving the adoption of EVs in the used vehicle market. The unique trade-in patterns for the Model 3 sedan, including both affordable and larger vehicles, reflect a diverse consumer base interested in electric cars.
As consumer interest in EVs continues to grow across the US, CarMax’s insights from the Spring 2024 Electric Vehicle Consumer Report provide valuable information for industry stakeholders and potential buyers alike. The report’s findings suggest that the momentum towards electric vehicles is gaining traction beyond traditional markets like the West Coast, with new models and price cuts contributing to increased interest in making the switch from gas to electric. For more information on CarMax’s Spring 2024 Electric Vehicle Consumer Report, interested parties can access the full report on the company’s website.
