Toyota, Ford and Honda top the list of most traded-in brands when buying used EVs, with the gas-powered Ford F-150 pickup and Honda Accord leading the way as the most traded-in vehicles, according to online used car retailer CarMax. Last year, the Toyota Tacoma was the most traded-in vehicle for a used EV on the platform.
The Honda Civic is now second, followed by the Toyota Prius. CarMax says in its Spring 2023 Electric Vehicle Consumer Report that most people who traded in a combustion car went for a used Tesla Model 3, with the Tesla Model Y and Nissan Leaf not too far behind in terms of preference.
Out with the F-150s and Accords, in with the used electric Teslas
The Tesla Model 3 is still the most popular used EV listed on CarMax, but the combustion vehicles that are traded in have changed since last year. Now, the most popular trade-ins are the Ford F-150 and the Honda Accord, while last year had the Toyota Tacoma and Honda Civic on the tops spots.
In other words, the leaderboard for the three most popular used EVs sold by CarMax is unchanged since the company’s 2023 report, but their average price has gone down between $3,000 and $5,000 since last year.
According to the online retailer, the average price of a used Tesla Model 3 was $34,045 during the reporting period. The Tesla Model Y came in at an average price of $43,896, while the Nissan Leaf had an average price of $18,465. The most expensive car on the top ten list is the Tesla Model S, with an average selling price of $45,574.
The top ten list of the most popular used EVs also some newcomers in this latest report. The Volkswagen ID.4, Audi e-tron, Chevrolet Bolt EUV and Hyundai Ioniq 5 are in, while the Tesla Model X, BMW i3 and Jaguar I-Pace are out of the picture.
Most popular used EVs on CarMax between September 2023 and February 2024
When it comes to the most traded-in brands, Toyota continues to be the most popular name, with the Prius being the company’s most traded-in model on CarMax. Ford is in second place, followed by Honda, Chevrolet, Jeep, Nissan, BMW, Hyundai, Lexus and Mercedes-Benz.
In terms of body type, SUVs rule the CarMax chart. Sedans are second and hatchbacks are third, followed by coupes, vans, pickups, convertibles and wagons. In the previous CarMax report, BMW was in second place and Tesla was eighth.
The online car sales platform said in its most recent report that monthly EV searches went up 177% since January 2021, with the latest spike for the term “Electric” registered in February 2022.
