Consumer behavior toward electric cars continues to shift. Here are the latest EV buying trends at CarMax.
CarMax Data Highlights:
From January 2021 to February 2024, monthly search volume for electric vehicles on CarMax.com has increased by 177%.
From September 2023 to February 2024
The Tesla Model 3, Tesla Model Y, and Nissan LEAF maintained their rankings as the top three most popular EVs at CarMax compared to the 2023 report.
The Ford F-150 and Honda Accord were CarMax's top trade-ins for EVs.
California continued to lead in EV sales at CarMax; there was a rise in EV sales on the East Coast, with Massachusetts, New York, and Maryland making our top ten list.
According to a study by Pew Research in 2023, about four in 10 Americans (38%) say they would be very or somewhat likely to seriously consider an electric car for their next car. Car and Driver also estimates EVs accounted for 8.8% of all new car sales in the U.S. in 2023 – the highest it’s ever been.
But what about used EVs? As EVs become more and more mainstream, what kind of trends are we seeing among CarMax shoppers?
This report builds on our previous EV Consumer Reports published in 2022 and 2023. Today we’ll take a new look at the data to see what has changed at CarMax over the last year. From shifts in consumer interest to changes in trade-in behaviors and regional preferences, we're diving deep into the latest trends in the ever-evolving landscape of EV shopping.
Consumer Interest in Used EVs
Since January 2021, there’s been a steady increase in the percentage of monthly EV searches on CarMax.com, rising by 177%, an increase of nearly three times.
The largest spike was in February to March 2022. According to the U.S. Energy Information Administration, this surge in EV searches coincided with the rise in average gas prices in the U.S., jumping from $3.54 per gallon on February 7, 2022, to $4.20 per gallon on March 7, 2022, due to the conflict in Ukraine.
Used EVs at CarMax
According to 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 the Nissan LEAF. These remain the three most popular EVs as in the 2023 report but there's been a shift in their pricing.
On average, according to CarMax sales data
New additions to our most popular EVs list include the Volkswagen ID.4, Audi e-tron, Chevrolet Bolt EUV, and the Hyundai Ioniq 5. The Tesla Model X, BMW i3, and Jaguar I-Pace have fallen off the list from the 2023 report.
There’s also been a drop in the representation of luxury brands, with only four luxury models making the cut compared to six last year. As for pricing, the average prices for the top ten most popular EVs at CarMax now range from $22,000 to $46,000.
This marks a big difference from last year's report, where the average price range was $22,000 to $72,000. The top average price has dropped by approximately $26,000, given the Tesla Model X’s exit from the list and the lower average price of the Tesla Model S.
Trade-Ins and EVs at CarMax
Now, let's dig into the data on the top traded in vehicle types and brands, and the most traded in models for EVs at CarMax.
Starting with the vehicle types, SUVs (39%) and sedans (31%) remain the top traded in vehicle types for EVs. In terms of brands, Toyota maintains its position as top traded in brand for an EV, with Ford and Honda following behind. BMW, which previously held second place, has slipped to seventh, while Tesla dropped off the list, allowing Hyundai to debut in eighth place.
Which specific car models are shoppers trading in for an EV?
From September 2023 through February 2024, the Ford F-150 shares the top spot with the Honda Accord as the number one trade-in for an EV. Trucks continue to be a popular trade-in for EVs. In last year's report, the Toyota Tacoma was a top trade-in vehicle for a Tesla Model 3. Other popular trade-ins for EVs include the Honda Civic, Toyota Prius, and Tesla Model 3.
From September 2023 to February 2024, the Tesla Model 3 was the best-selling EV at CarMax. Which cars are customers most commonly trading in for the Tesla Model 3? The Honda Accord, Ford F-150, and Jeep Wrangler lead the pack, underscoring the Model 3's popularity across consumer segments. In the 2023 findings, the most common trade-ins for the Tesla Model 3 were the Honda Civic and the Toyota Tacoma.
The most popular EVs purchased by customers trading in an SUV at CarMax during this timeframe include the Tesla Model 3, Tesla Model Y, Audi e-tron, Volkswagen ID.4, and Mustang Mach-E, showcasing the diverse options available to consumers switching to electric.
Used EV Nationwide Popularity
Lastly, new patterns have emerged in the top states for EV sales across our 245 stores in the U.S. Western states continue to dominate the top five states for EV sales.
Since our last report, California maintains its leadership position, which may be due to tax incentives and higher inventory levels. Oregon has risen from fourth to second place, while Washington has shifted from second to third. Idaho has also entered the top five, replacing Arizona. Additionally, we're seeing EV popularity pop up on the East Coast, with states like Massachusetts, New York, and Maryland in the top ten.
Our data analysis confirms that several trends are shaping the EV landscape. First, the increase in monthly EV searches on CarMax.com is up 177% since January 2021.
Popular EV models like the Tesla Model 3, Tesla Model Y, and Nissan LEAF maintain their appeal at CarMax, while new entrants like the Audi e-tron and Volkswagen ID.4 join the fray. Notable shifts in trade-in patterns reveal the Ford F-150 and Honda Accord as the top trade-ins for EVs at CarMax.
Finally, while California retains its leadership position in EV sales at CarMax, there's a rise in EV adoption on the East Coast, with Massachusetts, New York, and Maryland emerging as new EV hotspots.
Shopping for Used EVs at CarMax
With the growing popularity of electric vehicles, CarMax has EV options for a variety of budgets and lifestyles. For more on electric vehicles, visit our electric vehicles research page to search by make or model, find FAQs, read feature articles, and more.
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