CarMax Unveils Latest Trends in Used EV Shopping
Richmond, VA, April 22, 2024 (GLOBE NEWSWIRE) -- CarMax, Inc. (NYSE: KMX), the nation's largest retailer of used cars, has released its latest findings on consumer trends in used electric vehicle (EV) shopping. The data, gathered from CarMax.com search and sales data from September 2023 to February 2024, reveals insights into consumer interest, popular models, trade-ins, and regional preferences.
Key Highlights:
- From January 2021 to February 2024, monthly search volume for electric vehicles on CarMax.com increased by
177% . - The following trends were identified 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 the top ten list.
“Our data analysis confirmed that consumers are still very interested in EVs and that sales were increasingly trending beyond the west coast," said Jim Lyski, EVP, Chief Innovation and Strategy Officer at CarMax. “The availability of new models coupled with recent price cuts on new EVs may have contributed to ongoing interest from consumers considering making the switch from gas to electric."
Since January 2021, there has been a significant increase in the percentage of monthly EV searches on CarMax.com, rising by
The Tesla Model 3, Tesla Model Y, and Nissan LEAF continue to be the top three most popular EVs at CarMax. However, compared to last year’s report, there has been a shift in their pricing, with these models now costing
New additions to the list of popular EVs at CarMax include the Volkswagen ID.4, Audi e-tron, Chevrolet Bolt EUV, and the Hyundai Ioniq 5. Luxury brands have seen a decrease, with only four luxury models making the list compared to six in the previous year's report. The average prices for the top ten most popular EVs at CarMax now range from
SUVs (
The Tesla Model 3 was the best-selling EV at CarMax from September 2023 to February 2024. The top trade-ins for the Tesla Model 3 are the Honda Accord, Ford F-150, and Jeep Wrangler, highlighting its popularity across consumer segments.
The West Coast continues to dominate EV sales at CarMax, with California maintaining its leadership position. EV popularity is growing on the East Coast, with states like Massachusetts, New York, and Maryland emerging on the top ten list of states with CarMax stores.
Read CarMax’s 2024 Consumer Interest in Electric Vehicle Report to learn more. For more information on electric vehicles available at CarMax, visit CarMax Electric Vehicles Research Page to search by make or model, find FAQs, and more.
For media inquiries, please contact:
CarMax Public Relations
Phone: (855) 887-2915
Email: PR@carmax.com
About CarMax
CarMax, the nation’s largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. During the fiscal year ended February 29, 2024, CarMax sold approximately 770,000 used vehicles and 550,000 wholesale vehicles at its auctions. In addition, CarMax Auto Finance originated more than
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