Carvana EV Trends Report Reveals Significant Growth Potential of Used EV Market
Carvana's EV Trends Report for Q1 2024 reveals significant growth potential in the used EV market, with used EV sales mix reaching a new high of 4.3% of total sales. Affordability is improving, narrowing the price gap between used EVs and ICE vehicles. Carvana's CEO, Ernie Garcia, highlights the positive trend, emphasizing the impact of tax credits and increasing availability of EV models in the used car market.
Used EV sales mix reaching a new high of 4.3% of Carvana's total sales in Q1 2024.
Price gap between used EVs and ICE vehicles narrowing from $13,000 to $7,000 in Q1 2024, improving affordability.
24% of Carvana's EV and PHEV sales in Q1 2024 met all vehicle thresholds for the Federal Used Clean Vehicle Credit, enhancing affordability.
Increased availability of over 50 different models of EVs at various price points in Carvana's inventory.
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Carvana EV sales mix hits new high of
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 than1% 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 $7,000 -
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.
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Data sourced from Kelly Blue Book® and MarketCheck. Data references BEVs (Battery Electric Vehicles) only. |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240508184913/en/
MEDIA CONTACT:
Carvana Communications
press@carvana.com
Source: Carvana
FAQ
What is the used EV sales mix of Carvana in Q1 2024?
How much did the price gap between used EVs and ICE vehicles improve in Q1 2024?
What percentage of Carvana's EV and PHEV sales in Q1 2024 qualified for the Federal Used Clean Vehicle Credit?
Where can I find vehicles qualifying for the Federal Used Clean Vehicle Credit on Carvana's website?
