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Car buyers reportedly showing more interest in EVs, according to CarMax

Yahoo Finance

Yahoo Finance automotive reporter Pras Subramanian joins the Live show with a report on the EV-buying market.

Video transcript

SEANA SMITH: So Pras, when we talk about widespread EV adoption, what are some of these people who are getting EVs, what are they trading in?

PRAS SUBRAMANIAN: So we had this big kind of report from CarMax talking about EV interest. Right? And they saw that these cars were actually even just spiked in February compared to last year, almost double. So and they're talking about, well, what are the kind of cars people are buying? Surprise, surprise, they're buying Tesla Model 3, Tesla Model Y, Nissan Leaf, Ford Mustang Mach-E, and the Chevy Bolt. Not surprising there.

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But you asked about trade ins. This part is really interesting. SUVs and Toyotas were the top trade in--

- Toyotas?

PRAS SUBRAMANIAN: Toyotas in general. The brand. And SUVs were the top-traded items for EVs. Because unfortunately, Toyota doesn't have EVs. So that's a big problem for them. Let's see if you have a question there.

DAVE BRIGGS: No. No. I'm just-- I'm surprised as you are.

PRAS SUBRAMANIAN: So then--

DAVE BRIGGS: No one ever trades in Toyotas. They drive them for 300,000 miles.

PRAS SUBRAMANIAN: Right.

- Exactly.

PRAS SUBRAMANIAN: But if they want an EV, they've been trading in these Toyotas. And last thing, what are people trading in for the model-- sorry, the Model 3? It's Honda Civic and that Toyota Tacoma, which is very strange. The Toyota Tacoma, midsize pickup, trading that in for a Model 3? Very weird. And then if-- people are up for the Model Y and the Model S, what are they trading in? The Tesla Model 3. So it all comes back full circle.

- It comes back to Tesla.

PRAS SUBRAMANIAN: It's all CarMax, they're the largest used car dealer in America. So they have a lot of data, a lot of transaction history, and a lot of customers.

SEANA SMITH: Not questioning the data. I'm just a little surprised by the findings here there, and what people are trading. All right, Pras. Great stuff. Thanks so much.