SUVs were the most common trade-ins for EVs, accounting for 40% of the total
With Americans showcasing a growing interest to shift from ICE vehicles to EVs, search volumes for electric cars are said to have doubled over the last year.
More and more people are said to be trading in their ICE cars to buy either a new or used EV. Now, a new study by CarMax reveals that most of the vehicle owners who want to shift to an EV mostly own a Toyota model. The study mentioned that Toyota is the most traded-in brand, accounting for 12% of the total ICE to EV trades. The second position is tied between Ford & BMW at 8%, while Honda is third with 7%. This is also the second year in a row that Toyota has become the most traded-in brand for EVs, as per the study.
The study also looked at trends in segments and vehicle types and found that SUVs were the most common trade-ins for EVs, accounting for 40% of the total ICE-to-EV trades. Sedans and coupes made up 29%, while luxury vehicles accounted for 17% of the trade-ins. Also, with the most popular EV being the Tesla Model 3, it seems ICE owners are trading in their SUVs for EV sedans or crossovers.
Reports also state that the most common trade-in for the Model 3 was the Honda Civic, with the Toyota Tacoma being second. Also, most shoppers buying the Nissan Leaf traded in a Toyota Prius.
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