Carvana trends report: Used EVs narrow price gap with ICE cars, triggering sales growth potential
Used vehicle online marketplace Carvana has posted a Q1 EV trends report outlining some encouraging metrics for electrification. According to the data gathered, Carvana saw that its used EV sales mix achieved new highs while the price margin compared to traditional combustion vehicles narrowed.
Carvana ($CVNA) is a Fortune 500 company that has introduced unique ways of revolutionizing the automotive retail segment. In addition to car vending machines, Carvana facilitates vehicle trade-ins, financing, and used car sales in over 300 markets around the US, with the option for local pickup or home delivery of your used vehicle (hopefully an EV).
With such a large footprint throughout the US, offering tens of thousands of vehicles to customers at a time, Carvana has gathered some granular used EV sales data and compiled it into a Q1 2024 report.
The EV trends report combines Carvana’s EV sales data by state plus other metrics from Kelly Blue Book and MarketCheck. The result is a detailed Carvana report that shows used EV sales are not only on the rise but hold plenty of untapped potential for future sales growth.
Carvana saw used EV sales grow as average prices drop
The most significant metric we want to point out from Carvana’s Q1 EV trends report is the increase of all-electric models in its sales mix. As more and more new BEV models hit the US market, the number of used versions has seen a significant increase.
With more options available, Carvana has seen the average sale price of BEVs decrease, dropping from $37,000 in Q1 2023 to $31,000 a year later. The average EV sale price difference compared to ICE is also down year-over-year, from +$13,000 in Q1 2023 to +$7,000.
Used EV sales also hit an all-time high for Carvana in Q1 2024, contributing 4.3% of its total. That’s still a relatively small number, but Carvana believes used EV sales are poised for significant growth going forward. Per Carvana founder and CEO Ernie Garcia:
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. 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.
As you can see from Carvana’s graphic above, BEV sales have demonstrated encouraging growth in the US in Q1 2024. Florida joined the 4%+ threshold, as 5.2% of Carvana’s sales in The Sunshine State were BEV.
Meanwhile, some states that have been slower to EV adoption delivered record year-over-year growth, including Minnesota (+386%), Arkansas (+383%), and Kentucky (+263%).
Last but not least, Carvana points out that Federal tax credits for used EVs (up to $4,000) have been a contributing factor in improving affordability and thus, increased sales. Of the 50+ EV models Carvana currently sells in the US, 24% met all criteria to become eligible for the Federal Used Clean Vehicle Credit in Q1 2024.
Of those qualifying vehicles, Carvana points out the Nissan LEAF was the top seller, followed by the Tesla Model 3, and Chevy Volt (PHEV). The ill-fated BMW i3 and Volkswagen e-Golf round out the top five.
You can learn more about the Federal Used Clean Vehicle Credit and what EVs qualify here.
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If you’ve ever wondered what happens when you combine a fruit cart, a cargo bike, and a Piaggio Ape all in one vehicle, now you’ve got your answer. I submit, for your approval, this week’s feature for the Awesomely Weird Alibaba Electric Vehicle of the Week column – and it’s a beautiful doozie.
Feast your eyes on this salad slinging, coleslaw cruising, tuber taxiing produce chariot!
I think this electric vegetable trike might finally scratch the itch long felt by many of my readers. It seems every time I cover an electric trike, even the really cool ones, I always get commenters poo-poo-ing it for having two wheels in the rear instead of two wheels in the front. Well, here you go, folks!
Designed with two front wheels for maximum stability, this trike keeps your cucumbers in check through every corner. Because trust me, you don’t want to hit a pothole and suddenly be juggling peaches like you’re in Cirque du Soleil: Farmers Market Edition.
To avoid the extra cost of designing a linked steering system for a pair of front wheels, the engineers who brought this salad shuttle to life simply side-stepped that complexity altogether by steering the entire fixed front end. I’ve got articulating electric tractors that steer like this, and so if it works for a several-ton work machine, it should work for a couple hundred pounds of cargo bike.
Featuring a giant cargo bed up front with four cascading fruit baskets set up for roadside sales, this cargo bike is something of a blank slate. Sure, you could monetize grandma’s vegetable garden, or you could fill it with your own ideas and concoctions. Our exceedingly talented graphics wizard sees it as the perfect coffee and pastry e-bike for my new startup, The Handlebarista, and I’m not one to argue. Basically, the sky is the limit with a blank slate bike like this!
Sure, the quality doesn’t quite match something like a fancy Tern cargo bike. The rim brakes aren’t exactly confidence-inspiring, but at least there are three of them. And if they should all give out, or just not quite slow you down enough to avoid that quickly approaching brick wall, then at least you’ve got a couple hundred pounds of tomatoes as a tasty crumple zone.
The electrical system does seem a bit underpowered. With a 36V battery and a 250W motor, I don’t know if one-third of a horsepower is enough to haul a full load to the local farmer’s market. But I guess if the weight is a bit much for the little motor, you could always do some snacking along the way. On the other hand, all the pictures seem to show a non-electric version. So if this cart is presumably mobile on pedal power alone, then that extra motor assist, however small, is going to feel like a very welcome guest.
The $950 price is presumably for the electric version, since that’s what’s in the title of the listing, though I wouldn’t get too excited just yet. I’ve bought a LOT of stuff on Alibaba, including many electric vehicles, and the too-good-to-be-true price is always exactly that. In my experience, you can multiply the Alibaba price by 3-4x to get the actual landed price for things like these. Even so, $3,000-$4,000 wouldn’t be a terrible price, considering a lot of electric trikes stateside already cost that much and don’t even come with a quad-set of vegetable baskets on board!
I should also put my normal caveat in here about not actually buying one of these. Please, please don’t try to buy one of these awesome cargo e-trikes. This is a silly, tongue-in-cheek weekend column where I scour the ever-entertaining underbelly of China’s massive e-commerce site Alibaba in search of fun, quirky, and just plain awesomely weird electric vehicles. While I’ve successfully bought several fun things on the platform, I’ve also gotten scammed more than once, so this is not for the timid or the tight-budgeted among us.
That isn’t to say that some of my more stubborn readers haven’t followed in my footsteps before, ignoring my advice and setting out on their own wild journey. But please don’t be the one who risks it all and gets nothing in return. Don’t say I didn’t warn you; this is the warning.
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Environment
Podcast: Trump/GOP go after EV/solar, Tesla, Ford, GM EV sales, Electrek Formula Sun, and more
In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Trump’s Big Beautiful bill becoming law and going after EVs and solar, Tesla, Ford, and GM EV sales, Electrek Formula Sun, and more
Today’s episode is brought to you by Bosch Mobility Aftermarket—A global leader and trusted provider of automotive aftermarket parts. To celebrate Amazon Prime Day July 8th through 11th, Bosch Mobility is offering exclusive savings on must-have auto parts and tools. Learn more here.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.
Here are a few of the articles that we will discuss during the podcast:
- Electrek FSGP 2025: New teams, new cars, same solar spirit
- Congress votes to send 2 million US jobs to China, increase deficit, energy costs
- Tesla (TSLA) confirms 384,000 deliveries in Q2 2025, right on expectations
- Tesla prototype sparks speculation: a Model Y, maybe slightly smaller
- Tesla launches Oasis Supercharger with solar farm and off-grid batteries
- Tesla unveils its LFP battery factory, claims it’s almost ready
- Here’s why Ford’s electric vehicle sales crashed by nearly a third in Q2
- The Chevy Equinox EV is GM’s breakout star, but that’s not the only surprise
- Xpeng launches G7, a new Tesla Model Y competitor for just $27,000
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:
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