Used EV prices fell 40%, and buyers are searching like never before
The electric vehicle (EV) revolution isn’t just about flashy new Teslas or futuristic prototypes anymore—it’s making serious waves in the used car market. According to CarMax’s Spring 2025 Electric Vehicle Consumer Report, interest in used EV has skyrocketed, and there are some clear trends showing just how rapidly things are changing. Let’s break down the major takeaways from the report and why it matters to car buyers across the country.
Searches for used electric vehicles on CarMax’s platform have nearly doubled since January 2022—and there’s a good reason for that.
- March 2022 saw the first big jump in searches, right after gas prices spiked due to the war in Ukraine.
- The next surge came in June 2024, when the Biden administration launched a $4,000 federal tax credit for used EVs.
These two events triggered significant buyer interest, showing how much people are reacting to both rising fuel costs and government incentives. If you’re shopping for a used EV right now, you’re in luck. Prices for used electric vehicles have plunged over 40% between January 2022 and February 2025.
To put that into perspective: Used gas-powered cars, hybrids, and plug-in hybrids dropped only about 12% in the same time frame. This huge drop in prices makes EVs far more accessible, especially for buyers looking to save money upfront and on long-term fuel costs.
10 Most Popular Used EVs
CarMax tracked which electric vehicles people are actually buying, and some familiar names took the spotlight:
- Tesla Model 3
- Tesla Model Y
- Chevy Bolt (up from No. 7 in previous years)
- Volkswagen ID.4
- Hyundai Ioniq 5
- Nissan Leaf
- Ford F-150 Lightning (new to the list)
- Chevy Bolt EUV
- Ford Mustang Mach-E
- Rivian R1T (also new to the list)
Two models dropped off the list this year: the Tesla Model S and Audi e-tron. That shift suggests buyers are looking for newer or more affordable EVs with better range and tech features.
For the first time ever, more drivers are switching to EVs from sedans and coupes than SUVs.
- In 2025, 44% of EV trade-ins came from sedans and coupes, up from 36% in 2024 and just 29% in 2023.
- This means the EV transition is spreading beyond just SUV lovers—everyday sedan drivers are making the switch too.
Top Vehicles Traded In:
- Tesla Model 3 (frequently swapped for the Model Y)
- Honda Civic
- Honda Accord
- Toyota Prius
- Nissan Leaf
Interestingly, the Ford F-150, which was among the most traded-in models in 2024, fell off the list entirely in 2025. CarMax operates across 250 locations nationwide, and they’ve mapped out the regions where used EV sales are booming.
Here are the top 10 states by percentage of EV sales compared to total CarMax sales in each state:
- Oregon (beat out California for the first time!)
- California
- Washington
- Nevada
- Utah
- Arizona
- New Mexico (new this year)
- Minnesota (jumped 24 spots!)
- New Jersey (up six places)
- New York (dropped two spots from 2024)
The West Coast continues to lead, but Midwest and East Coast states are catching up fast—especially Minnesota and New Jersey.
If you’ve been on the fence about buying an EV, now might be the best time to look into the used EV market. Prices are down, incentives are up, and a wider variety of vehicles means there’s something for everyone—whether you’re upgrading from a compact sedan or trading in an older hybrid. And if you’re a seller? This growing demand could help you get a solid trade-in offer—especially if you’re sitting on a popular model like the Tesla Model 3 or Chevy Bolt.
The EV space is changing rapidly, and the used market is no longer playing second fiddle. More buyers are seeing the value in going electric, not just for the planet—but for their wallets too. As battery technology improves, charging networks expand, and prices continue to drop, expect this trend to accelerate even more in the coming years. Whether you’re buying or selling, now’s the time to plug into the used EV market.
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