A recent report by Carmax highlights a trend in vehicle owners switching from ICE to EV. Notably, owners of a particular brand are more likely to make this switch than owners of any other brand, representing a record 12% of customers who trade from ICE to EV.
Carmax's data indicates that Toyota owners are more likely to trade their vehicles for EVs than owners of any other brand.
According to Carmax's report, Toyota owners represent a record 12% of customers who trade from ICE to EV, followed by Ford and BMW at 8% and Honda at 7%. The most popular EV brand is Tesla, with the Tesla Model 3 being the most commonly traded for EV. The Honda Civic and Toyota Tacoma are the most common vehicles traded in for the Tesla Model 3, while the Toyota Prius is the most commonly traded in for the Nissan Leaf. Toyota and Honda owners are leading the migration to Tesla's offerings, likely due to their interest in environmentally friendly vehicles and the lack of EV options from their preferred brands.