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Carvana’s EV Trends Report for Q2 2024 highlights the growing appeal and accessibility of used electric vehicles (EVs). The report reveals that a diverse range of buyers, including different age groups and income levels, are increasingly adopting used EVs.
Key Highlights:
- Millennials dominate the EV market, accounting for 65% of Carvana’s EV sales in Q2 2024.
- Gen Z purchases are, on average, $2,000 cheaper than Carvana’s overall EV average selling price.
- Nearly half of Carvana’s EV sales were to buyers with incomes between $50-100k.
- Common trade-ins for EVs include popular internal combustion engine (ICE) vehicles like 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.”
Carvana’s mission is to revolutionize automotive retail, providing a fun, fast, and fair car buying experience. Customers can choose from tens of thousands of vehicles, secure financing, trade-in their old vehicles, and complete purchases entirely online, with the convenience of home delivery or local pick-up in over 300 U.S. markets. Recognized as one of America’s Best Employers by Forbes, Carvana continues to lead in transforming the way people buy and sell cars.
For more detailed analysis and information on hundreds of vehicles qualifying for the Clean Vehicle Tax Credit, visit Carvana’s website.
About Carvana:
Carvana aims to change the way people buy and sell cars. Over the past decade, it has delighted millions of customers with a revolutionary approach to automotive retail. Carvana’s vertically integrated platform, powered by a passionate team, unique national infrastructure, and purpose-built technology, makes car buying and selling a seamless experience. As a Fortune 500 company, Carvana continues to innovate and expand its reach across the United States. For more information, visit www.carvana.com.
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