- Used EV prices at CarMax (KMX, Financial) dropped by over 40% from January 2022 to February 2025, enhancing accessibility.
- Consumer interest in EVs nearly doubled, indicating a significant shift in shopping trends on carmax.com.
- Oregon led in EV sales relative to total vehicle sales at CarMax, surpassing California.
CarMax (KMX), the largest used car retailer in the United States, has released new data highlighting significant shifts in consumer behaviors towards electric vehicles (EVs). From January 2022 to February 2025, the percentage of searches filtered by “Electric Vehicle” on carmax.com has nearly doubled, reflecting a growing consumer interest in used EVs.
Over this period, the average price of used EVs at CarMax fell by more than 40%, compared to a 12% decrease in non-electric vehicle prices, including ICE cars, hybrids, and plug-in hybrids. This substantial price drop is believed to have contributed to the surge in consumer interest and purchasing of used EVs.
Data from September 2024 to February 2025 revealed that the Tesla Model 3 sedan and Tesla Model Y compact crossover remained the top-selling used EVs. Notably, Ford's F-150 Lightning and Rivian's R1T pickup trucks made their debut on CarMax's list of top ten most popular EVs based on sales during this timeframe.
The study also showed a shift in trade-in trends, with sedans and coupes overtaking SUVs as the most common trade-in vehicles for EVs at CarMax. Toyota maintained its position as the leading brand for trade-ins, closely followed by Honda and Ford.
Regionally, Oregon surpassed California to become the state with the highest proportion of EV sales relative to total vehicle sales at CarMax. Other states such as Utah, New Mexico, Minnesota, and New Jersey have recently joined the top ten list for EV sales proportions, marking a broader geographic adoption of electrified transport beyond traditional hotspots.
According to Nick Anderson, VP of Data Science at CarMax, “CarMax's industry-leading proprietary data indicates a steady increase in consumer interest for used electric vehicles over the last three years through February 2025, alongside a 40% drop in average used EV prices during the same period." Anderson also said that "this shift in price, combined with the increasing availability of diverse EV models in the used car market, is likely encouraging more customers to consider transitioning to an EV."
Read more of CarMax's Spring 2025 Consumer Report here.
