CarMax's EV Trends Report Shows EV Searches Nearly Doubled In Past Three Years
According to a report just released by CarMax, the largest used car retailer in the United States, consumers are warming to used EVs. The company, which sold 789,050 used vehicles, plus 544,312 wholesale vehicles through its 250 stores nationwide in 2024, released its EV Trends study this week, revealing the percentage of monthly searches filtered by "Electric Vehicle" on carmax.com nearly doubled from January 2022 to February 2025. During that same period, CarMax reports that average used EV prices fell by more than 40 percent—a drastic increase compared to the 12 percent drop in non-electric vehicle (combustion, hybrid, and plug-in hybrid) pricing.
'Mainstream interest in EV ownership continues to gain momentum. As the market grows, consumers are enjoying a wider selection of models. With favorable price points and steadily improving infrastructure, the electric dream is fast becoming a reality,' says CarMax. The company noted two big spikes in EV-filtered searches, potentially revealing what's influencing consumers to consider a change to electric. A spike in February 2022 aligned with a rise in gasoline prices due to the conflict in Ukraine. Another spike, in June 2024, aligned with a White House summit on EV tax credits.
According to sales data from September 1, 2024, to February 28, 2025, the most popular used EVs at CarMax remain the Tesla Model 3 and Tesla Model Y—both have held those positions for three years running. The Chevrolet Bolt EUV has climbed to third, after ranking seventh in previous reports. The Volkswagen ID.4 and Hyundai Ioniq 5 round out the top five. The company notes that buying habits are changing—the Ford F-150 Lightning and the Rivian R1T, a pair of all-electric pickup trucks, made the top ten list for the first time. The trucks displaced the Tesla Model S sedan and Audi e-tron SUV.
A consumer charges a Tesla at a CarMax retailer
CarMax also points out that Toyota is the most popular brand consumers trade in for an EV, with Honda, Ford, Nissan, and Chevrolet rounding out the top five. The top traded-in vehicle was the Tesla Model 3 (fueling CarMax's sales), with owners choosing a larger vehicle, like the Tesla Model Y, as a replacement. The Honda Civic, Honda Accord, Nissan LEAF, and Toyota Prius—all top-rated combustion and hybrid vehicles—made the list for some of the top vehicles to be traded in for an EV
The study also revealed the top states for EV sales at CarMax, with Oregon taking the top spot. California, Washington, Nevada, and Utah held up the balance of the top five—the West Coast of the US has always been dominant for the company's EV sales. While New York secured tenth place, it has dropped from last year's ranking of eighth. And Minnesota is emerging as a new player in the used EV space—the state jumped 24 spots to land at number eight in the most recent study.
Industry experts spend immeasurable hours making predictions about how consumers will shop for used electric vehicles, yet it's actual consumer transactions, validated by CarMax's EV Trends Report, that count.
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