Half Of All Teslas Traded In Are For Gas Vehicles
In a notable shift, more than half of Teslas traded in at dealerships during the first half of 2024 were swapped for gasoline vehicles.
Edmunds data reveals that from January to July 2024, 51% of used Teslas were traded in for gas-powered cars, while just 32% of owners moved on to other EVs. If you include hybrids, the number of Teslas traded for vehicles that use some form of combustion fuel rises to 57%.
This change represents a significant departure from trends seen five years ago. In 2019, a substantial 71% of Teslas were exchanged for gas vehicles, 18% for hybrids, and only 10% for another EV. Back then, trading in a Tesla often meant a return to traditional gasoline cars.
Over the years, the landscape has evolved. Trade-ins for hybrids have decreased, while those for plug-in hybrids (PHEVs) have increased, almost perfectly balancing each other out. Although PHEVs still make up a small fraction of total car sales, they are often viewed as a bridge for consumers transitioning from gas to electric vehicles. Conventional wisdom holds that PHEVs allow drivers to experience electric driving without fully committing to an all-electric vehicle. Interestingly, former Tesla owners are now three times more likely to switch to a PHEV compared to the general market.
More by AutoGuide.com News Staff
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EV’s are a great second car when you have a level 2 home charger.