According to a recent report by used car dealer CarMax, Toyota was the most traded-in brand for used EVs in the U.S. between September 2022 and February 2023, with 12% of vehicles traded in being Toyota. This marks the second year in a row that Toyota has held this position. Ford and BMW (8%) were the second-most traded-in brands, followed by Honda (7%).
Furthermore, the study found that the Honda Civic and Toyota Tacoma were the two most popular trade-ins for the Tesla Model 3, which is the most popular EV at CarMax.
Moreover, the trade-in most commonly associated with customers buying a Nissan Leaf – the third most popular EV at CarMax – was the Toyota Prius. There is little doubt that Toyota owners are likelier than other brand owners to switch to battery-electric vehicles, but why?
The fact that Toyota passengers outnumber Ford and BMW models on U.S. roads could indicate at least one reason the brand is dominant in the market. Also, Toyota has gained popularity among buyers concerned with the environment since it debuted the Prius Hybrid in 2000, which was followed by several hybrids and plug-in hybrid variants of its top-selling models.
The issue for Toyota is that these customers want to upgrade to a battery-electric car. The bZ4X SUV, the Japanese company’s sole offering in this market, is a start. However, there needs to be more of a used EV market for Toyotas.
According to the data, the increase in gas prices and revamped tax credit eligibility across the U.S. has caused a doubling in the volume of searches for EVs in the past year. SUVs were the most often traded-in vehicles for EVs, accounting for 40% of the cars customers leave on the lot, sedans and coupes accounted for 29%, and premium vehicles—17%.
The Tesla Model 3, Model Y, Nissan Leaf, Ford Mustang Mach-E, and Chevrolet Bolt EV were the top five used EV models acquired through CarMax.