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. In fact, from January 2022 to February 2025, average used EV prices at CarMax fell by more than 40%, while non-electric vehicle average prices dropped by 12% (this includes internal combustion engine cars, hybrids, and plug-in hybrids at CarMax).
The updated electric vehicle consumer report reveals the latest CarMax shopping data and consumer habits. They looked at consumer interest in used EVs, including the most popular EV models, which vehicles were most frequently traded in for an EV, and which states saw an uptick in EV sales.
CarMax Data Key Highlights:
- The percentage of monthly searches filtered by “Electric Vehicle” on carmax.com nearly doubled from January 2022 to February 2025.
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In the same time frame, average used EV prices at CarMax fell by more than 40%, while non-electric vehicle average prices dropped by 12% (this includes internal combustion engine cars, hybrids, and plug-in hybrids at CarMax).
The following trends were identified from September 2024 to February 2025:
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Ford’s F-150 Lightning and Rivian’s R1T pickup truck entered CarMax’s top ten most popular EVs list (based on sales) for the first time.
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Compared to last year’s report, sedan and coupe body styles replaced SUVs as the top traded-in vehicle type for an EV.
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Oregon surpassed California and became the state with the highest percentage of EV sales relative to its total vehicle sales at CarMax.
Electric Vehicle searches on CarMax have doubled since 2022
Since January 2022, more people have been searching for “Electric Vehicle” on carmax.com, with those searches nearly doubling. There were some notable spikes in March 2022 and June 2024. Figuring out what’s behind these jumps could help us understand why folks are thinking about going electric.
In March 2022, gas prices took a big jump, rising from $3.54 per gallon on February 7 to $4.20 per gallon by March 7. This increase was mostly caused by the conflict in Ukraine, which messed with oil supplies. As prices shot up, many people started looking for alternatives to save some cash at the pump. It’s no surprise that interest in electric vehicles spiked during this time as people began to see the long-term benefits of switching away from gas.
Then again in June 2024, interest surged after a big meeting between the White House and the auto industry about the federal used EV tax credit. This credit could save eligible buyers up to $4,000 on certain used electric vehicles, making them a lot more affordable. They also talked about making it easier for people to access the tax credit, which could encourage even more folks to explore going electric.
If you’re curious about which electric vehicles (EVs) are currently winning people over, look no further. From September 1, 2024, to February 28, 2025, the Tesla Model 3 sedan and the compact crossover Model Y snagged the top two spots, holding firm for the third year in a row.
What are the most popular EVs being sold at CarMax?
The Model 3 is a favorite for its stylish look and great range, plus all the cool tech features it offers. Many folks appreciate how it combines innovation with practical everyday use. Meanwhile, the Model Y has become popular with families thanks to its roomy interior and flexibility, fitting right into a busy lifestyle.
And don’t miss the Chevrolet Bolt EUV, which jumped up to third place this year after being in seventh last year. People love its spacious cargo area and higher ride height, making it a reliable ride for daily trips and adventures. With its reasonable price and easy-to-use features, the Bolt EUV is really making electric driving a solid choice for everyone.
What are the most traded-in models for EVs at CarMax?
Buying habits are definitely shifting. For the first time, we’ve got two all-electric pickup trucks breaking into the list: the Ford F-150 Lightning and the Rivian R1T. On the flip side, the Tesla Model S and the Audi e-tron didn’t make the cut this year. But it’s interesting to see that the Volkswagen ID.4, Nissan LEAF, and Ford Mustang Mach-E are still hanging in there, showing up in the top ten for the third year in a row. They’re sitting pretty at fourth, sixth, and ninth place, respectively.
It’s interesting to see how people are switching to electric vehicles. Some recent CarMax data from September 1, 2024, to February 28, 2025, shows that more folks are trading in their sedans and coupes for EVs—44% of all trade-ins, in fact, which is more than the 41% for SUVs. That’s a big jump from previous years: in the 2024 report, sedans and coupes were only 36% of trade-ins, and they were at 29% in 2023.
When people decided to trade in their sedans for EVs during this time, the most popular choices were the Tesla Model 3, Tesla Model Y, and Chevrolet Bolt EUV. It’s great to see this shift toward electric.
What types of vehicles are traded in the most for EVs at CarMax?
When it comes to trading in for electric vehicles (EVs), Toyota is still at the top of the list, with Honda and Ford not far behind. This year, Volkswagen made its first appearance, and Tesla has made a comeback as the sixth most traded-in brand after missing out in the 2024 report.
At CarMax, the Tesla Model 3 is the most commonly traded-in EV. Many individuals who trade in their Model 3 tend to opt for a larger Tesla vehicle, with the Model Y being their preferred choice. The rest of the top five includes two popular Honda models—the Civic and the Accord—along with the Nissan LEAF and the Toyota Prius. Interestingly, the F-150 truck, which was a leading trade-in along with the Honda Accord in the 2024 report, has now fallen off the list. If nothing else, it is extremely interesting to see how the EV market is evolving.
