Toyota Owners Have Higher Trade-In Rates For EVs Compared To Rivals

A new report released byCarMaxhas some interesting data that indicates Toyota owners are trading in their ICE vehicles for EVs at a higher rate compared to all other automakers. This can be interpreted as a warning sign to Toyota because it's been at the slower end of the spectrum in its own transition to EVs.

Currently, the only pure EV it has on sale in the US is thebZ4Xthough that's set to change following the recent announcement of a new CEO who isbullish on EVs. This study examined "trends in the vehicle types and specific brands used car shoppers are trading in" when they decide to buy their first EV. The results are quite interesting.

According to the data, it turns out SUVs are retaining their number one spot as the top vehicle traded-in for an EV at 40%. This is followed by sedans and coupes at 29%, and then luxury models (consisting of sedans and SUVs) at 17%.

But the really interesting piece of information is the Toyota factor. It tops the list at 12% for the highest ICE-to-EV trade-in rate, followed by Ford and BMW at 8% each. Honda, which does not have a single EV on sale right now, comes in at 7%.

Now, here's a red flag for Toyota: the Tacoma is the second-most traded-in vehicle for an EV right now, at least for CarMax customers. What are they buying instead? The Tesla Model 3. The Honda Civic is currently the most traded-in vehicle for the Model 3. Another problem for Toyota is the Nissan Leaf. Yes, really.

The study shows that CarMax customers who are buying Leafs are trading in their Prius. However, the data does not separate between the Prius hybrid and Prius Prime plug-in. Chevrolet, meanwhile, has something to celebrate, at least based on this data. The Bolt EV (which willshortly end production) is the most popular trade-in choice for Volt plug-in hybrid owners. Model 3 owners, meanwhile, are upgrading to used examples of the Model S, the retailer says.