Extra automotive consumers are trying to find used EVs – CarMax says searches filtered by “electrical automobile” have almost doubled since January 2022.
CarMax noticed EV searches surge in March 2022 and once more in June 2024. The primary spike lined up with the fuel value shock after Russia invaded Ukraine, and the second got here proper because the Biden administration rolled out its $4,000 federal tax credit score for used EVs.
The net used automotive market’s Spring 2025 Electrical Car Client Report exhibits simply how far used EV costs have tumbled, down over 40% between January 2022 and February 2025. By comparability, costs for fuel automobiles, hybrids, and plug-in hybrids solely slipped about 12% over the identical interval.
The highest 10 hottest used EVs
For the third 12 months operating, the Tesla Mannequin 3 and the Mannequin Y have been within the No. 1 and No. 2 slots, respectively, from September 1, 2024, to February 28, 2025. The Chevy Bolt jumped into third place from its earlier spot at No. 7 in 2024 and 2023. The Ford F-150 Lightning (7) and the Rivian R1T (10) made the highest 10 for the primary time, whereas the Tesla Mannequin S and the Audi e-tron dropped out. The Hyundai Ioniq 5 and Nissan Leaf have been at Nos. 5 and 6, and the Volkswagen ID.4 (4), Nissan LEAF (6), and the Ford Mustang Mach-E (9) made the record for the third 12 months in a row.
What persons are buying and selling in
For the primary time ever, extra persons are ditching sedans and coupes for EVs than SUVs. CarMax says sedans and coupes made up 44% of all EV trade-ins, up from 36% in 2024 and simply 29% the 12 months earlier than. It’s a transparent signal that the EV swap is selecting up velocity throughout extra than simply SUV drivers.
When clients traded in sedans for EVs throughout this report’s measurement interval, the commonest EVs they bought have been the Tesla Mannequin 3, Tesla Mannequin Y, and Chevy Bolt EUV.
The highest traded-in mannequin for an EV at CarMax was the Tesla Mannequin 3, and people who traded in a Mannequin 3 normally went for a Mannequin Y. The remainder of the highest 5 embrace the Honda Civic and Accord, the Nissan LEAF, and the Toyota Prius. The Ford F-150 truck, the highest trade-in alongside the Accord within the 2024 report, dropped off the record.
The place used EVs are hottest
Since that is CarMax’s report, it’s in fact primarily based on information sourced from its 250 shops throughout the US. In 2025, Oregon beat California to change into the state with the very best share of EV gross sales in comparison with every state’s complete gross sales at CarMax. California has beforehand held the highest rating since 2023.
The West Coast continued to dominate when it got here to used EV gross sales. California and Washington have been in second and third place, respectively. Nevada and Arizona have been fourth and sixth, whereas Utah and New Mexico (new to the highest 10 record this 12 months) held spots 5 and 7. On the East Coast, New York (10) appeared on the record for a second time, dropping two spots from No. 8 in 2024.
The newcomers embrace Minnesota, which jumped 24 spots in a 12 months to No. 8, and New Jersey, which moved up six slots to No. 9.
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