Carvana EV Trends Report Reveals Broadening Appeal and Accessibility of Used EVs
July 23 2024 - 9:00AM
Business Wire
EV Category is attracting buyers of all ages
and income levels
Carvana, an industry pioneer for buying and selling used cars
online, today released an EV Trends Report for Q2 2024. The report
focuses on the evolving profile of the used EV buyer, highlighting
the category’s increasing adoption by mass-market buyers of all
ages and income levels.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240723180411/en/
Family charging an electric vehicle
(Photo: Business Wire)
Key findings from the report1 include:
- Millennials continued to dominate the EV market, making up 65%
of Carvana’s EV sales in Q2 2024 and over-indexing in EV sales
relative to their share of Carvana’s overall sales mix.
- Gen Z, whose EV purchases were about $2,000 cheaper on average
than Carvana’s overall EV average selling price in Q2 2024, are
likely to grow in share as EVs get more affordable.
- Increasing selection at accessible price points is also
widening the income distribution for EV sales to include more
mid-income buyers. Nearly half of Carvana’s EV sales in Q2 2024
were to buyers with incomes between $50-100k.
- Common trade-ins for EVs now include some of the most popular
internal combustion engine (ICE) vehicles, including Honda Civics,
Toyota Camrys, Honda Accords, and Nissan Altimas.
"The broadening appeal of electric vehicles across all
demographic segments is a testament to the maturing EV market,"
said Emily Knoll, Carvana's Senior Director of Inventory Strategy.
"We've seen EVs evolve from a niche category favored by early
adopters to a mainstream option considered by consumers of all ages
and income levels. At Carvana, we're committed to offering a wide
range of vehicles to ensure every customer finds their perfect
match."
The full report provides additional analysis and information.
For access to hundreds of vehicles qualifying for the Clean Vehicle
Tax 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 included in Q2 2024 EV Trends Report is sourced from
Carvana.com sales. All data referencing EVs refer to Battery
Electric Vehicles (BEVs).
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Carvana Communications press@carvana.com
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