CarMax Report Reveals Consumer EV Buying Behavior

CarMax has more than 240 retail locations throughout the U.S. They are the nation’s largest used-car retailer, offering customers combustion, hybrid, and electric vehicles. Regarding volume, the company sells more than 800,000 used vehicles to retail customers each year. It also sells an additional 550,000 used vehicles to the wholesale market (the company is responsible for nearly 15 percent of the entire volume of used vehicles transacted annually).

This week, the company released its annual report on electric vehicle (EV) shopping trends.

According to CarMax, used car shoppers show increased interest in electric vehicles. During the three years from January 2021 to February 2024, the monthly search volume for electric vehicles on the company’s website increased by 177 percent. What could have caused the new interest in EVs? “The largest spike was in February to March 2022. According to the U.S. Energy Information Administration, this surge in E.V. searches coincided with the rise in average gas prices in the U.S., jumping from $3.54 per gallon on February 7, 2022, to $4.20 per gallon on March 7, 2022, due to the conflict in Ukraine,” says CarMax.

Based on data from September 1, 2023, to February 29, 2024, the top three most-searched vehicles included the Tesla Model 3, Tesla Model Y, and the Nissan LEAF. All three have seen their used values drop upwards of $5,000 in recent months (the average price of a used LEAF is now below $19,000).

Compared to the company’s 2023 report, consumers are showing new interest in several EVs, while three have fallen off the list. The Volkswagen ID.4, Audi e-tron, Chevrolet Bolt EUV, and the Hyundai Ioniq 5 have joined the top-10 list, while the Tesla Model X, BMW i3, and Jaguar I-Pace have fallen off.

CarMax reports that the Tesla Model 3 was the best-selling EV at its retail stores, with customers most likely trading in the Honda Accord, Ford F-150, and Jeep Wranglers for the combustion-free Tesla. On that note, CarMax says the Ford F-150 and the Honda Accord are the top trade-ins for EVs. (The F-150 and Accord were the #1 and #17 best-selling new vehicles on the retail market in 2023.)

And it is no surprise that California continues to lead as the nation’s most robust EV marketplace. CarMax places much of the state’s EV strength on tax incentives and high inventory levels. California is followed by Oregon and Washington, earning the second and third spot, respectively, in EV popularity. Nevada and Idaho round out the top five.

You can access the full CarMax report at this link for more stats, details, and charts.