Leading American used car retailer CarMax released its 2023 Electric Vehicle Consumer Report on April 24, indicating a major increase in consumer interest in EVs, especially Teslas.
This finding may be unsurprising as Tesla is undoubtedly a popular brand. However, it becomes interesting given how the prices of its EVs are now way more affordable on the new market.
Upward trend
CarMax disclosed that “electric” vehicle searches on its website had a twofold year-on-year growth in February 2023. The company apparently first noticed this improvement in February and March 2022, when the Ukraine-Russia war affected gas prices.
However, October 2022 saw the highest peak in search activity as new guidelines for the federal EV tax credit in the US went into effect.
Rankings
The most popular electric models on CarMax’s website in February 2023 were the following:
- Tesla Model 3 – $37,000
- Tesla Model Y – $47,807
- Nissan Leaf – $23,963
- Ford Mustang Mach-E – $48,051
- Chevrolet Bolt EV – $26,368
- BMW i3 – $22,187
- Tesla Model X – $72,136
- Tesla Model S – $63,331
- Jaguar I-Pace – $43,598
- Hyundai Ioniq Electric – $26,248
The report revealed that the Tesla Model 3, Model Y, Nissan Leaf, Ford Mustang Mach-E, and Chevrolet Bolt EV were the most popular EVs on its website in February 2023.
BMW i3 claimed the 6th spot, while the Tesla Model X and S ranked 7th and 8th, correspondingly. The Jaguar I-Pace and the Hyundai Ioniq Electric completed the top 10.
Apart from the rankings, the report also indicated the average prices of the top models. The first placer Tesla Model 3 costs $37,000 on average. Notably, customers can now purchase a new unit for $39,990 before incentives.
CarMax’s average pricing for the Model Y is currently around $48,000, while that of the Model S and Model X is roughly $63,000 and $72,000, respectively. In contrast, the Model Y costs $46,990, while the Long Range variant will set you back at least $49,990 based on current Tesla new-car costs. The Model X and Model S start at $97,490 and $87,490, respectively.
However, the price discrepancies are only natural as the base price on Tesla’s website for the Model 3, and Y apply to Standard Range variants that may be unavailable on the used car market. Furthermore, CarMax provides the average prices for used cars. Therefore, these figures may come from a wide range of cars of different trim levels, model years, etc.
See Also:
- Tesla Model 3 has the highest used car discount
- Tesla Model 3 experiences the highest price drop for its used car in this year
- Tesla says its used car business is ‘as big as publicly traded used car retailers’
- Used EV searches surged 145% in February 2023 on Cars.com
- The Nissan LEAF named ‘Best Used Small Electric Car’ by DrivingElectric
All that said, keeping an eye on the market, prices, and the cost of new models, if you’re looking to buy a used electric vehicle is crucial.
