In a recent announcement, the CEO of Carvana, a popular used car website, revealed a notable trend in vehicle sales for the second quarter (Q2) of 2024. The Tesla Model 3 emerged as the company’s best-selling vehicle, highlighting a significant shift towards electric vehicles (EVs) among consumers. This trend was further underscored by Carvana’s sales data, which indicated that they sold more EVs than internal combustion engine (ICE) cars during this period.

According to Carvana’s latest EV Trends Report, a diverse range of vehicles are being traded in for EVs. The report emphasizes that common trade-ins for EVs now include some of the most popular ICE vehicles, such as the Honda Civic, Toyota Camry, Honda Accord, and Nissan Altima. These models are being exchanged for various EVs, demonstrating a growing acceptance and preference for electric mobility.

Carvana’s data also highlights a strong brand loyalty among EV buyers, with many trading out older models for newer EVs of the same make. For instance, customers frequently trade in older Tesla models for newer ones, such as upgrading from a Tesla Model S to a Tesla Model 3 or Model Y.

The report showcases the top five trade-ins for popular EVs on Carvana.com, with detailed insights into what customers are trading in and purchasing:

  1. Tesla Model 3: The most traded-in vehicles for this model include the Honda Civic, Honda Accord, Toyota Camry, Nissan Altima, and BMW 3 Series.
  2. Tesla Model Y: Common trade-ins for the Model Y are the Tesla Model 3, Honda Accord, Toyota Corolla, BMW 3 Series, and Lexus IS.
  3. Chevrolet Bolt EUV: Customers trading in for the Bolt EUV often come from the Nissan LEAF, Chevrolet Volt, Honda Civic, Toyota Prius, and Jeep Renegade.
  4. Tesla Model S: Buyers of the Model S typically trade in the Tesla Model 3, Honda Accord, Tesla Model S, Mercedes-Benz C-Class, and Mercedes-Benz GLC.
  5. Nissan LEAF: Popular trade-ins for the Nissan LEAF include older Nissan LEAFs, Toyota Prius Prime, Honda Insight, Toyota Corolla, and Toyota RAV4.

The data also highlights that the top ICE to EV trade-in model is the Honda Civic, showcasing a broader market trend toward adopting cleaner and more efficient vehicle technologies.

Overall, Carvana’s Q2 sales data and trends reflect a significant shift in consumer preferences toward electric vehicles, driven by a desire for innovation, sustainability, and brand loyalty within the EV market.