Electric Vehicle

Study: Used EV Buyers Trade in SUV and Toyota Models

The 2004 Toyota RAV4 seen from a front quarter angle

The Tesla Model 3 is the second-most popular electric vehicle (EV) sold new most months. The similar Tesla Model Y SUV tends to take first place. But not among used EV shoppers. They favor the less expensive Model 3, according to new data from used car giant CarMax.

CarMax reports that used EV shoppers were most likely to trade in an SUV for their new electric car between September 2022 and February 2023. That’s not surprising. SUVs routinely outsell cars and trucks combined.

However, a few intriguing trends lurk within the data. CarMax noted that used EV buyers were likelier to trade in a Toyota than any other brand.

Toyota has continued its hybrid-first sales strategy and trailed much of the industry in shifting to EVs. That strategy could still pay off. Recent studies show interest in hybrids is growing as EVs win more headlines. But CarMax is seeing many Toyota owners shift to EVs.

For the Model 3, CarMax says, “The most common trade-in was a Honda Civic, and the second most common was a Toyota Tacoma. For shoppers buying a Nissan Leaf (third most popular EV at CarMax from this data reporting), the most common trade-in was a Toyota Prius.”

Used EV shoppers can benefit from a federal tax credit worth up to $4,000 on their purchase. Tesla owners remain a loyal bunch. CarMax explains, “Tesla shoppers upgrading to the Model S or Model Y most commonly traded in their Tesla Model 3.”