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Consumer interest in used EVs is on the rise, with some of the most popular petrol cars trading for EVs, according to data compiled by retailer CarMax.
Search traffic for terms containing “electricity” on CarMax websites doubled between February 2022 and February 2023, with a peak of 5.6% of searches containing “electricity”, in October 2022. CarMax attributes this in part to increased prices fuel all year 2022.
2021 Chevrolet Bolt EV
The most popular EV at CarMax from September 2022 to February 2023 was the Tesla Model 3, and CarMax says the most popular trade-ins for Tesla were the Honda Civic and Toyota Tacoma — two common petrol models. Toyota is also the most traded brand for EVs, with Tacoma near the top for traded models.
Based on the data, Tesla owners are more loyal to the brand. Those shopping for the Model S or Model Y trade in the Model 3 most often. And the most common trade-off for the Chevrolet Bolt EV is its plug-in hybrid sibling, the Chevy Volt. The eligibility of the used car tax credit has a significant effect on PHEV prices, CarMax said late last year, when the Volt was one of the most popular PHEVs in its inventory.
Nissan Leaf 2021
A similar pattern is observed with the Toyota Prius, which is most often swapped with the Nissan Leaf. The Leaf was also the third most popular used EV at CarMax during the period under study.
Prices for used EVs are volatile. Several pricing authorities reported that prices for used EVs had peaked last summer, after increases that began before the pandemic. The recent decline in value was led by the Model 3, although analysis has been speculated about whether long-distance EVs retain their value better.
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