Ford Among Top Brands Traded In To CarMax For EVs

The Ford Mustang Mach-E has been experiencing a bit of a glut in terms of inventory as of late, but on the flip side, that phenomenon – coupled with sharp depreciation – makes the EV crossover a solid value play in the used market, which is part of why it was one of the best-selling used EVs of 2023. As Ford Authority reported earlier this week, the Ford Mustang Mach-E was also the fifth most popular used EV among CarMax shoppers in its most recent consumer trends report, behind only the Tesla Model 3, Tesla Model Y, Nissan Leaf, and Volkswagen ID.4. However, as it turns out, Ford branded vehicles, in general, were also among the most popular trade-ins at the same company for shoppers looking to procure an all-electric vehicle.

In fact, Ford ranks as the second most commonly traded in brand for those purchasing used EVs at CarMax, behind only Toyota, and ahead of Honda, Chevrolet, Jeep, Nissan, BMW, Hyundai, Lexus, and Mercedes-Benz. Toyota was also ranked first in CarMax’s previous study, but this time around, BMW slipped from second place and Tesla dropped off completely.

In any event, pricing has played a large role in these trends, as the average prices for the top ten most popular EVs at CarMax now range from $22,000 to $46,000 – down from $22,000 to $72,000 in 2023 – a change that occurred as many luxury models dropped off this year’s list as consumers continue to seek out value propositions.

At the same time, CarMax notes that there’s been a steady rise in interest for EVs since 2021, as monthly searches at the company’s site have nearly tripled – increasing by 177 percent – over the past few years. The biggest jump occurred between February and March 2022, which coincided with a rise in average U.S. gas prices from $3.54 per gallon to $4.20 per gallon following the onset of conflict in Ukraine, proving that such macroeconomic events can sway even the types of vehicles consumers seek out.

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