The Expert Podcast

Okay, here's some interesting info. What are actually selling for used EVs? You may want to have some curiosity about what used electric vehicles are actually being sold and what are people replacing with them. Let's take a look.

According to the poll, the most popular EVs at CarMax are two Teslas, the 3 and the Y, and the Nissan Leaf. This comes from the CarMax electric vehicle Consumer Report. Those top three EVs also held the top three slots last year, but they cost a lot less. They're 3 to 5,000 less. In fact, the price difference may be even more than that. We're seeing the Model Y sometimes eight or 10,000 less than it was a year ago.

What are people trading in? Thirty-nine percent, almost 40%, are SUVs, top traded-in vehicle types for EVs. Toyota is the top traded-in brand for EVs. So, if you're curious about what people are replacing, they're replacing SUVs and sedans. Those together right there are 80%, but there's not many other types of vehicles, so it kind of makes sense. But they're trading in Toyotas for EVs.

As far as models, not just brands but models, the Ford F-150 is the top traded-in model, along with the Honda Accord. So many people are going from a truck to an electric vehicle. Again, you have to look to see if that matches your lifestyle, how it works for you. But either way, keep an eye on used EVs, what the value is.

Also, make sure if you're going to buy one, you have the battery tested. One company that we participate with is called EVcheckup.com. They test EV batteries. So if you're going to buy an EV, make sure you get the battery tested so you don't buy a lemon battery.

And keep an eye on the used EV market. You're going to see that it's really going to be an opportunity to get deals because it's kind of a sleeper source for getting cars, especially if your lifestyle allows you to use something around town where you can charge up at night in your garage.