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Carvana eyes growth in used electric vehicle segment, Model 3 takes crown

Carvana has released its list of the best-selling used electric vehicles in 2023 as it looks to satisfy "exponentially" rising demand.

Carvana has released its list of the top ten best-selling used electric vehicles for 2023 as it looks to satisfy “exponentially” rising demand for affordable battery-powered cars.

By sales volume, the Tesla Model 3 continued to be the used car retailer’s top-performing electric vehicle in the first six months of 2023 and is on its way to winning first place for the third consecutive year. The Nissan LEAF and the BMW i3 arrived close behind in second and third place, followed by the Chevrolet Volt. Although the Model Y was recently recognized as the world’s best-selling car, Carvana ranked the SUV in fifth place, with the Model S landing in sixth. Volkswagen’s e-Golf and General Motors’ soon-to-be-cancelled Chevrolet Bolt ranked seventh and eighth. The Mustang Mach-E and Chevrolet Spark took ninth and tenth place, respectively.

The internet-based dealer has seen sales of used electric vehicles rise 786% in only five years, as its selection has expanded to include over 46 battery-powered makes and models. Although this surge in demand is unsurprising, given the rapid acceleration of EV manufacturing, Carvana may stand to earn staggering profits from the segment should this pace continue. Exorbitant electric vehicle prices have pushed many environmentally-conscious consumers out of the market, a situation favoring preowned dealers. Even as wholesale used car values show signs of weakening, EVs could swiftly become a boon for many retailers.

That being said, while the used electric vehicle market continues to mature, the company must still contend with its own financial issues in the aftermath of renewed automaker production in early 2022. Efforts to lower its debts have seemingly improved the brand’s chances of avoiding a major collapse, although its position remains precarious. In June, Carvana raised eyebrows when it increased its financial outlook for the second quarter, citing stabilizations in the used car market seen during Q1.

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Colin Velez
Colin Velez
Colin Velez is a staff writer/reporter for CBT News. After obtaining his bachelor’s in Communication from Kennesaw State University in 2018, he kicked off his writing career by developing marketing and public relations material for various industries, including travel and fashion. Throughout the next four years, he developed a love for working with journalists and other content creators, and his passion eventually led him to his current position. Today, Colin writes news content and coordinates stories with auto-industry insiders and entrepreneurs throughout the U.S.

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