Searches filtered by “electric vehicle” on carmax.com have nearly doubled since January 2022
CarMax Data Key Highlights:
The percentage of monthly searches filtered by "Electric Vehicle" on carmax.com nearly doubled from January 2022 to February 2025.
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:
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.
Compared to last year's report, sedan and coupe body styles replaced SUVs as the top traded-in vehicle type for an EV.
Oregon surpassed California and became the state with the highest percentage of EV sales relative to its total vehicle sales at CarMax.
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).
Our updated electric vehicle consumer report reveals the latest CarMax shopping data and consumer habits (check out our previous reports from 2024, 2023, and 2022). We look 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.
Consumer Interest in Used EVs
Since January 2022, the percentage of monthly searches filtered by “Electric Vehicle” on carmax.com have nearly doubled, with notable spikes occurring in March 2022 and June 2024. Understanding the context of these spikes may reveal what's influencing consumers to consider a change to electric.
According to the U.S. Energy Information Administration, average gas prices increased in the US from $3.54 per gallon on February 7, 2022, to $4.20 per gallon on March 7, 2022, likely due to the conflict in Ukraine. With gas prices rising, many consumers may have been compelled to look into alternative powertrain options in the spring and summer of 2022.
In June 2024, interest spiked again following a White House and auto industry summit on the federal used EV tax credit. With potential savings of up to $4,000 for certain used EVs and eligible taxpayers, and proposals suggested to simplify access to the tax credit itself, more consumers may have noticed and explored going electric.
Popular Used EVs at CarMax
Which vehicles made it onto the most popular EVs list based on CarMax sales? According to sales data from September 1, 2024, to February 28, 2025, for the third year running, the Tesla Model 3 sedan and the compact crossover Model Y took first and second place, respectively. The Chevrolet Bolt EUV, with its roomy cargo space and elevated ride height, leaped to third place from its previous ranking at number seven in our 2024 and 2023 reports.
Buying habits are changing, however. Two all-electric pickup trucks—the Ford F-150 Lightning and the Rivian R1T—joined this list for the first time, while the Tesla Model S and the Audi e-tron dropped out of the top ten compared to last year’s report.
For the third year in a row, the Volkswagen ID.4, Nissan LEAF, and Ford’s Mustang Mach-E electric SUV appeared in our top ten in fourth, sixth, and ninth place, respectively.
Trade-Ins and EVs at CarMax
Those are the most popular electric vehicles, but what are consumers switching from? Let’s look at the CarMax data from September 1, 2024, to February 28, 2025, focusing on the vehicle types and brands consumers traded in for an EV. For the first time, sedans and coupes led the list of body types traded in for an EV — making up 44% of all trade-ins and beating SUVs at 41%. . (Sedans and coupes also top the list of popular manual vehicle types at CarMax.) This is a significant upward trend compared to our previous data, where sedans and coupes totaled 36% of trade-ins for an EV in our 2024 report and 29% in our 2023 report.
When customers traded in their sedan for an EV during this report’s measurement period
, the most common EVs they purchased were the Tesla Model 3, Tesla Model Y, and Chevrolet Bolt EUV.
When it comes to which brands were traded in for an EV, Toyota continues to take the top spot, with Honda and Ford following close behind again. Volkswagen was a new entry for this year, and Tesla returned to the top traded-in brand list at number six after falling off the list in the 2024 report.
The top traded-in model for an EV at CarMax was the Tesla Model 3. Customers who traded in a Tesla Model 3 often went for a larger vehicle in the Tesla lineup and most frequently purchased a Tesla Model Y. The rest of the top five include two Honda models, the Civic and Accord, the Nissan LEAF, and the Toyota Prius. Dropping out of the list is the F-150 truck—which was the top trade-in, alongside the Honda Accord, in the 2024 report.
Used EV Nationwide Popularity
With 250 CarMax stores nationwide, EV demand has grown in more states since our original 2022 report. CarMax data from September 1, 2024, to February 28, 2025 reveals that Oregon surpassed California and became the state with the highest percentage of EV sales compared to each state’s total sales at CarMax. California previously held the top ranking since the 2023 analysis.
The West Coast remained dominant. California and Washington were in second and third place, respectively. The neighboring states of Nevada and Arizona were fourth and sixth on our popularity list, while Utah and New Mexico (new to the top ten list this year), account for spots five and seven. On the East Coast, New York appeared on the list for a second time, this time in tenth place, dropping two spots from eighth place in 2024.
The latest data also revealed two additional new states in our national popularity top ten list. In eighth place was the Midwestern state of Minnesota, which jumped up a remarkable 24 spots since the 2024 report. The Garden State of New Jersey was at number nine, moving up six rankings since the last report.
Conclusion
This latest round of data highlighted some key trends. With EV searches on carmax.com nearly doubling since January 2022, shoppers are paying attention to the events and news stories that affect their purchasing decisions.
The Model 3 and Model Y were the most popular used EV models for the third year in a row. Sedans and coupes made up 44% of the body types when trading in for an EV.
Finally, Oregon overtook California to become the state with the highest percentage of EV sales compared to each state’s total sales at CarMax. Minnesota, New Mexico, and New Jersey also joined the top ten list for the first time.
Shopping for Used EVs at CarMax
With the growing popularity of electric vehicles, CarMax has options for various budgets and lifestyles. For more on electric vehicles, visit our electric vehicles research hub to search by make or model, find FAQs, watch helpful videos, and more.
Methodology
We analyzed CarMax's industry-leading proprietary data from our 250 stores nationwide to gain insights for this article. The search volume data from carmax.com and pricing data were collected from January 2022 through February 2025; the popular model, trade-in, and regional preference data in the article are from September 2024 through February 2025. The trade-in data was based on customers who traded in and purchased a vehicle at CarMax in the same transaction. Additionally, we reviewed CarMax data from previous years to identify year-over-year trends.
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