From Trade-Ins to Top Picks: CarMax Reveals Used EV Shopping Trends
Rhea-AI Summary
CarMax (NYSE: KMX) has released new data showing significant shifts in used electric vehicle (EV) shopping trends. Monthly EV-filtered searches on carmax.com have nearly doubled from January 2022 to February 2025, while average used EV prices dropped by over 40% compared to a 12% decrease for non-EVs.
Key findings from September 2024 to February 2025 reveal that Tesla Model 3 and Model Y remain the top-selling used EVs, while Ford F-150 Lightning and Rivian R1T pickup trucks joined the top 10 list. Sedans and coupes have overtaken SUVs as the most common trade-ins for EVs, with Toyota leading trade-in brands followed by Honda and Ford.
Oregon has surpassed California as the state with the highest percentage of EV sales relative to total vehicle sales at CarMax. Utah, New Mexico, Minnesota, and New Jersey have newly entered the top 10 states for EV sales proportion.
Positive
- 40% drop in used EV prices making them more accessible
- Doubled consumer interest in EVs based on website searches
- Expanding market reach with new states joining top EV sales rankings
- Diversification of EV inventory with addition of electric pickup trucks
Negative
- 12% decline in non-EV vehicle prices affecting overall inventory value
News Market Reaction – KMX
On the day this news was published, KMX gained 4.36%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
RICHMOND, VA, April 22, 2025 (GLOBE NEWSWIRE) -- CarMax, Inc. (NYSE: KMX), the nation's largest retailer of used cars, has released its latest findings on consumer trends in used electric vehicle (EV) shopping. CarMax pricing data and carmax.com data were gathered to reveal insights into consumer interest, popular models, trade-ins, and regional preferences.
Key Highlights:
- The percentage of monthly searches filtered by “Electric Vehicle” on carmax.com has nearly doubled from January 2022 to February 2025.
- In the same timeframe, average used EV prices at CarMax fell by more than
40% , while non-electric vehicle average prices dropped by12% (this includes ICE cars, hybrids, and plug-in hybrids at CarMax). - The following model, trade-in, and regional 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 at CarMax.
- Oregon surpassed California and became the state with the highest percentage of EV sales relative to its total vehicle sales at CarMax.
“CarMax's industry-leading proprietary data indicates a steady increase in consumer interest for used electric vehicles over the last three years through February 2025, alongside a
From January 2022 to February 2025, the percentage of searches filtered by “electric vehicle” on carmax.com have nearly doubled, with notable spikes occurring in March 2022 and June 2024, according to the latest report.
CarMax’s two most popular EVs for the third consecutive year were the Tesla Model 3 sedan and the Model Y compact crossover, respectively—according to CarMax sales data from September 2024 to February 2025. Two all-electric pickup trucks—the Ford F-150 Lightning and the Rivian R1T—debuted on CarMax’s top 10 EV list.
The most traded-in vehicle types for an EV at CarMax were sedans and coupes. Toyota remained the top brand traded in for an EV, followed closely by Honda and Ford. The Tesla Model 3 was the top traded-in model for an EV, with owners most frequently transitioning to the larger Tesla Model Y. Notably, the Ford F-150—previously a top trade-in alongside the Accord in CarMax’s 2024 report—dropped off the list.
As for EV nationwide popularity, demand has grown in more states since our inaugural 2022 report. Oregon surpassed California and became the state with the highest percentage of EV sales relative to its total vehicle sales at CarMax. California previously held the top ranking since the 2023 analysis. California and Washington were in second and third place, respectively. Utah, New Mexico, Minnesota, and New Jersey are new to the list of top ten states with the highest percentage of EV sales compared to their total vehicle sales at CarMax.
Read CarMax’s 2025 Consumer Interest in Electric Vehicle Report to learn more. For more information on electric vehicles available at CarMax, visit CarMax Electric Vehicles Research Page to search by make or model, find FAQs, and more.
For media inquiries, please contact:
CarMax Public Relations
Phone: (855) 887-2915
Email: PR@carmax.com
About CarMax
CarMax, the nation’s largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. During the fiscal year that ended February 28, 2025, CarMax sold approximately 790,000 used vehicles and 540,000 wholesale vehicles at its auctions. In addition, CarMax Auto Finance originated more than
Public Relations CarMax (855) 887-2915 PR@carmax.com
FAQ
How much have used EV prices dropped at CarMax from 2022 to 2025?
What are the most popular used EVs sold at CarMax in 2024-2025?
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