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Carvana EV Trends Report Reveals Broadening Appeal and Accessibility of Used EVs

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Carvana's Q2 2024 EV Trends Report reveals a broadening appeal of used electric vehicles across diverse demographics. Key findings include:

- Millennials dominate with 65% of Carvana's EV sales
- Gen Z purchases EVs at lower price points
- Nearly half of EV sales to buyers with incomes between $50-100k
- Common trade-ins now include popular ICE vehicles

The report highlights the evolution of EVs from niche to mainstream, attracting buyers of all ages and income levels. Carvana emphasizes its commitment to offering a wide range of vehicles, including those qualifying for the Clean Vehicle Tax Credit.

Il Rapporto sulle Tendenze delle VE di Carvana per il secondo trimestre del 2024 rivela un allargamento dell'appeal dei veicoli elettrici usati tra diverse demografie. I risultati principali includono:

- I Millennials dominano con il 65% delle vendite di veicoli elettrici di Carvana
- La Gen Z acquista veicoli elettrici a fasce di prezzo più basse
- Quasi metà delle vendite di VE va a acquirenti con redditi tra $50-100k
- Le permute comuni ora includono veicoli ICE popolari

Il rapporto evidenzia l'evoluzione dei VE da nicchia a mainstrem, attirando acquirenti di tutte le età e livelli di reddito. Carvana sottolinea il suo impegno a offrire un'ampia gamma di veicoli, inclusi quelli idonei per il Credito d'Imposta per Veicoli Puliti.

El Informe de Tendencias de VE del segundo trimestre de 2024 de Carvana revela un ampliamiento del atractivo de los vehículos eléctricos usados entre diversas demografías. Los hallazgos clave incluyen:

- Los Millennials dominan con el 65% de las ventas de VE de Carvana
- La Gen Z compra VE a precios más bajos
- Casi la mitad de las ventas de VE son a compradores con ingresos entre $50-100k
- Los intercambios comunes ahora incluyen vehículos ICE populares

El informe destaca la evolución de los VE de nicho a convencional, atrayendo compradores de todas las edades y niveles de ingresos. Carvana enfatiza su compromiso de ofrecer una amplia gama de vehículos, incluidos aquellos que califican para el Crédito Fiscal de Vehículo Limpio.

Carvana의 2024년 2분기 전기차 트렌드 보고서는 사용된 전기차의 매력이 넓어지고 있다는 것을 다양한 인구 통계에서 보여줍니다. 주요 발견은 다음과 같습니다:

- 밀레니얼 세대가 대부분을 차지하며 Carvana 전기차 판매의 65%를 차지
- 젠지는 낮은 가격대의 전기차를 구매
- 전기차 판매의 거의 절반이 $50-100k 소득의 구매자에게 이루어짐
- 지금은 인기 있는 ICE 차량이 일반적인 교환 차량으로 포함됨

이 보고서는 전기차가 틈새 시장에서 주류로 발전하는 과정을 강조하며, 모든 연령대와 소득 수준의 구매자를 유인하고 있습니다. Carvana는 청정 차량 세금 공제를 받을 수 있는 차량을 포함하여 다양한 차량을 제공하겠다는 의지를 강조합니다.

Le Rapport sur les tendances des véhicules électriques de Carvana pour le deuxième trimestre 2024 révèle un élargissement de l'attrait des véhicules électriques d'occasion à travers diverses catégories démographiques. Les principales conclusions comprennent :

- Les Millennials dominent avec 65% des ventes de VE de Carvana
- La Génération Z achète des VE à des prix plus bas
- Près de la moitié des ventes de VE sont réalisées par des acheteurs ayant un revenu entre 50 000 et 100 000 $
- Les échanges courants incluent désormais des véhicules ICE populaires

Le rapport souligne l'évolution des VE d'un marché de niche à un marché grand public, attirant des acheteurs de tous âges et niveaux de revenu. Carvana souligne son engagement à offrir une large gamme de véhicules, y compris ceux éligibles pour le Crédit d'Impôt pour Véhiculés Propres.

Der Trendbericht von Carvana zu Elektrofahrzeugen für das zweite Quartal 2024 offenbart eine erweiterte Anziehungskraft gebrauchter Elektrofahrzeuge über verschiedene demografische Gruppen hinweg. Zu den wichtigsten Ergebnissen gehören:

- Millennials dominieren mit 65% der Elektrofahrzeugverkäufe von Carvana
- Gen Z kauft Elektrofahrzeuge zu niedrigeren Preispunkten
- Fast die Hälfte der Elektrofahrzeugverkäufe erfolgt an Käufer mit einem Einkommen zwischen 50.000 und 100.000 Dollar
- Übliche Inzahlungnahmen umfassen jetzt beliebte ICE-Fahrzeuge

Der Bericht hebt die Entwicklung von Elektrofahrzeugen von einer Nische zur Mainstream hervor und zieht Käufer aller Altersgruppen und Einkommensniveaus an. Carvana betont sein Engagement, eine breite Palette von Fahrzeugen anzubieten, einschließlich solcher, die für die Steuervergünstigung für saubere Fahrzeuge qualifiziert sind.

Positive
  • Increasing EV adoption across diverse age groups and income levels
  • 65% of Carvana's EV sales in Q2 2024 were to Millennials
  • Nearly half of EV sales were to buyers with incomes between $50-100k
  • Expanding selection of EVs at more accessible price points
Negative
  • None.

EV Category is attracting buyers of all ages and income levels

PHOENIX--(BUSINESS WIRE)-- 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.

Family charging an electric vehicle (Photo: Business Wire)

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).

Carvana Communications

press@carvana.com

Source: Carvana

FAQ

What percentage of Carvana's EV sales were to Millennials in Q2 2024?

According to Carvana's EV Trends Report, Millennials made up 65% of the company's EV sales in Q2 2024.

How are Gen Z buyers impacting the EV market for Carvana (CVNA)?

Gen Z buyers are purchasing EVs at an average price about $2,000 lower than Carvana's overall EV average selling price in Q2 2024, potentially growing their market share as EVs become more affordable.

What income range accounted for nearly half of Carvana's EV sales in Q2 2024?

Nearly half of Carvana's EV sales in Q2 2024 were to buyers with incomes between $50,000 and $100,000.

What types of vehicles are commonly being traded in for EVs at Carvana (CVNA)?

Common trade-ins for EVs now include popular internal combustion engine (ICE) vehicles such as Honda Civics, Toyota Camrys, Honda Accords, and Nissan Altimas.

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