CarMax, one of the United States' premier used vehicle retailers, has seen an increased interest among customers for electric vehicles--specifically Teslas--due to CarMax's 2023 Consumer Report on Electric Vehicles (EVs).
CarMax reported that searches for "electric vehicles" doubled between February 2022 and 2023, initially showing an initial surge in February or March as gas prices surged and Ukraine conflict escalated further. A peak in searches came during October when new rules for federal EV credits in the US took effect.
CarMax's online and dealer sales data has revealed the top 10 electric vehicles in its inventory, as revealed by CarMax's Top 10 list for February 2023 sales data. Tesla currently has four electric vehicles in their current lineup that made CarMax's Top 10 list; among these four were Model 3 and Y as their top sellers at CarMax.
CarMax lists an average Tesla Model 3 price of $37,000 while their Model Y average price stands at $47,807. CarMax ranks their Tesla Model X as being sixth on its list at an average sale price of $72,136 while they offer their Tesla Model S eighth ranked model as having sold for an average sale price of $63,331.
Tesla's success should come as no surprise given their significant market share for electric vehicle sales. Tesla's aggressive price cuts could well explain their dominance among used EV customers.
The CarMax Report also provided insight into trade-ins, providing insight into intriguing consumer behavior. CarMax found that Toyota Tacomas were among the most frequently traded-in for Tesla Model 3s despite their vast differences. Most often traded-in Teslas included Model Y SUVs or S luxury sedans.
Here is CarMax's 2023 Electric Vehicle Consumer Report.
