Toyota Owners Have Higher Trade-In Rates For EVs Compared To Rivals

Electric Vehicles / 2 Comments

Even Tacoma owners are taking part.

A new report released by CarMax has some interesting data that indicates Toyota owners are trading in their ICE vehicles for EVs at a higher rate compared to all other automakers. This can be interpreted as a warning sign to Toyota because it's been at the slower end of the spectrum in its own transition to EVs.

Currently, the only pure EV it has on sale in the US is the bZ4X though that's set to change following the recent announcement of a new CEO who is bullish on EVs. This study examined "trends in the vehicle types and specific brands used car shoppers are trading in" when they decide to buy their first EV. The results are quite interesting.

According to the data, it turns out SUVs are retaining their number one spot as the top vehicle traded-in for an EV at 40%. This is followed by sedans and coupes at 29%, and then luxury models (consisting of sedans and SUVs) at 17%.

2022-2023 Toyota Tacoma Forward Vision Toyota
2023 Toyota bZ4X Forward View Toyota
2018-2023 Nissan Leaf Front Angle View Nissan

But the really interesting piece of information is the Toyota factor. It tops the list at 12% for the highest ICE-to-EV trade-in rate, followed by Ford and BMW at 8% each. Honda, which does not have a single EV on sale right now, comes in at 7%.

Now, here's a red flag for Toyota: the Tacoma is the second-most traded-in vehicle for an EV right now, at least for CarMax customers. What are they buying instead? The Tesla Model 3. The Honda Civic is currently the most traded-in vehicle for the Model 3. Another problem for Toyota is the Nissan Leaf. Yes, really.

The study shows that CarMax customers who are buying Leafs are trading in their Prius. However, the data does not separate between the Prius hybrid and Prius Prime plug-in. Chevrolet, meanwhile, has something to celebrate, at least based on this data. The Bolt EV (which will shortly end production) is the most popular trade-in choice for Volt plug-in hybrid owners. Model 3 owners, meanwhile, are upgrading to used examples of the Model S, the retailer says.

2021-2023 Ford Mustang Mach-E Forward Vision CarBuzz
2022-2023 Chevrolet Bolt EV Front Angle View CarBuzz
2018-2021 BMW i3 Hatchback Front View Driving BMW

Since this past February, the top five most popular used EVs being sold at CarMax dealers are the following: Tesla Model 3, Tesla Model Y, Nissan Leaf, Ford Mustang Mach-E, and the Chevrolet Bolt EV. The BMW i3 (which ceased production last July) and Tesla Model X, compared to last year, are no longer in the top five but still retain their spots in the top ten. Within the top ten, the EV price range is very broad, ranging from $22,000 to $72,000.

The EV transition is clearly gaining strength, even within the used car market - and at a major nationwide used vehicle retailer. Toyota should take particular note of this survey.

2017-2023 Tesla Model 3 Front View Driving Tesla
2020-2023 Tesla Model Y Frontal Aspect Tesla
2021-2022 Tesla Model S Driving Front Angle Tesla

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2022-2023 Toyota Tacoma Forward View
2022-2023 Toyota Tacoma Forward Vision
2023 Toyota bZ4X Forward View
2017-2023 Tesla Model 3 Front View Driving
2018-2023 Nissan Leaf Front Angle View

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