The demand for used electric vehicles (EVs) is on the rise, with CarMax reporting a significant increase in searches filtered by “electric vehicle” since January 2022. This surge in interest can be attributed to various factors, including the spike in gas prices following Russia’s invasion of Ukraine and the introduction of a $4,000 federal tax credit for used EVs by the Biden administration.
According to CarMax’s Spring 2025 Electric Vehicle Consumer Report, prices of used EVs have dropped by over 40% between January 2022 and February 2025, outpacing the decline in prices of gas cars, hybrids, and plug-in hybrids during the same period.
The top 10 most popular used EVs from September 1, 2024, to February 28, 2025, were dominated by Tesla models, with the Model 3 and Model Y taking the top spots. The Chevy Bolt moved up to third place, while newcomers like the Ford F-150 Lightning and Rivian R1T also made the list. The report highlighted a shift in consumer preferences towards EVs, with more people trading in sedans and coupes for EVs than SUVs.
In terms of geographical preferences, Oregon surpassed California as the state with the highest percentage of EV sales compared to total sales at CarMax. The West Coast continued to lead in used EV sales, with California, Washington, Nevada, and Arizona among the top states. Newcomers like Minnesota and New Mexico also made the list, indicating a growing interest in EVs across different regions.
To further encourage the adoption of EVs, CarMax’s report emphasized the importance of considering solar energy with battery storage systems to enhance home resilience and reduce power outages. By partnering with trusted solar installers through services like EnergySage, homeowners can access competitive pricing and expert guidance on transitioning to solar energy.
Overall, the increasing popularity of used EVs reflects a shifting trend towards sustainable transportation options, driven by factors like environmental consciousness, financial incentives, and advancements in EV technology. As more consumers embrace EVs, the market for used electric vehicles is expected to continue growing in the coming years.
