Wed. 8 May 2024, 9:03am ET
Benzinga
News
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/
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.