Carvana EV Trends Report Reveals Significant Growth Potential of Used EV Market
08 May 2024 - 11:00PM
Business Wire
Carvana EV sales mix hits new high of 4.3% in
Q1 as affordability improves
Carvana, an industry pioneer for buying and selling used cars
online, today released an EV Trends Report for Q1 2024. The report
focuses on the significant growth potential of the used EV category
and highlights the important role affordability plays in driving
customer adoption.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240508184913/en/
Carvana shares EV trends and insights
report. (Graphic: Business Wire)
Key findings from the report include:
- Used EV sales are poised for significant growth: whereas EVs
made up 7.6% of all new car sales in 2023, they were less than 1%
of the used market.1
- The difference between Carvana’s average sale prices of Used
EVs and internal combustion engine (ICE) vehicles is narrowing –
from $13,000 in Q1 2023 to $7,000 in Q1 2024.
- Carvana’s used EV sales mix is reaching new highs as
affordability improves, increasing to 4.3% of Carvana’s total sales
in Q1 2024.
- In Q1 2024, 24% of Carvana's EV and PHEV sales met all vehicle
thresholds to be eligible for the Federal Used Clean Vehicle
Credit, further improving affordability.
“The significant, multi-year growth in new EV sales is a leading
indicator of the potential of the used EV market. As a larger
selection of EVs makes its way into the used fleet, prices
normalize, and tax credits become available, more used car buyers
will have the opportunity to access the EV category,” said Ernie
Garcia, CEO of Carvana. “Carvana has always sought to build an
inventory that matches the tastes and preferences of our customers.
While we maintain a diverse selection across all fuel types, we are
proud to now offer more than 50 different models of EVs at a wide
range of price points.”
The full report provides additional analysis and information,
including Carvana’s EV sales by state, top EV-credit-eligible
models, and more. For access to hundreds of vehicles qualifying for
the Federal Used Clean Vehicle Credit, please visit
https://www.carvana.com/used-ev-tax-credit.
About Carvana
Carvana’s mission is to change the way people buy and sell cars.
Over the past decade, Carvana has revolutionized automotive retail
and delighted millions of customers with an offering that is fun,
fast, and fair. With Carvana, customers can choose from tens of
thousands of vehicles, get financing, trade-in, and complete a
purchase entirely online with the convenience of home delivery or
local pick up in over 300 U.S. markets. Carvana’s vertically
integrated platform is powered by its passionate team, unique
national infrastructure, and purpose-built technology. Carvana is a
Fortune 500 company and is proud to be recognized by Forbes as one
of America’s Best Employers.
For more information, please visit www.carvana.com.
________________
1
Data sourced from Kelly Blue
Book® and MarketCheck. Data references BEVs (Battery Electric
Vehicles) only.
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version on businesswire.com: https://www.businesswire.com/news/home/20240508184913/en/
MEDIA CONTACT: Carvana Communications
press@carvana.com
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