Client curiosity in used EVs is on the rise, with a number of the hottest gasoline vehicles getting traded in for EVs, in line with information compiled by retailer CarMax.
Search visitors for phrases containing “electrical” on CarMax’s web site doubled between February 2022 and February 2023, with a peak 5.6% of searches containing “electrical,” in October 2022. CarMax attributes that partly to upticks in fuel costs all through 2022.
2021 Chevrolet Bolt EV
The preferred EV on CarMax from September 2022 to February 2023 was the Tesla Mannequin 3, and CarMax mentioned the most well-liked trade-ins for the Tesla have been the Honda Civic and Toyota Tacoma—two widespread gasoline fashions. Toyota was additionally probably the most trade-in model for EVs, with the Tacoma close to the highest for fashions traded in.
Primarily based on the info, Tesla house owners have been extra brand-loyal. These searching for a Mannequin S or Mannequin Y mostly traded in a Mannequin 3. And the most typical trade-in for a Chevrolet Bolt EV was its plug-in hybrid sibling, the Chevy Volt. Used-car tax-credit eligibility had a big affect on PHEV costs, CarMax indicated late final yr, when the Volt was among the many hottest PHEVs in its stock.
2021 Nissan Leaf
An identical sample was noticed with the Toyota Prius, which was mostly traded in for a Nissan Leaf. The Leaf was additionally the third hottest used EV at CarMax in the course of the interval studied.
Used EV costs have been unstable. A number of pricing authorities reported that used EV costs had peaked final summer season, after a run-up that began earlier than the pandemic. The latest nosedive in values has been led by the Mannequin 3, though evaluation have speculated about whether or not longer-range EVs maintain their worth higher.