Used EV Prices Drop 40% as Buyer Interest Hits All-Time High

Used electric vehicle (EV) prices have taken a steep dive -falling over 40% in just three years- sparking a surge of interest from car buyers across the U.S.

According to CarMax’s Spring 2025 Electric Vehicle Consumer Report, used EV prices dropped sharply between January 2022 and February 2025. For comparison, used gas, hybrid, and plug-in hybrid vehicle prices only declined about 12% during the same timeframe.

This dramatic price shift is turning heads, and it’s showing up in the numbers. CarMax reports that filtered searches for “electric vehicle” nearly doubled since January 2022, indicating more Americans are actively hunting for used EVs than ever before.

Which Used EVs Are in Demand?

Topping the list of most popular used EVs are familiar names. The Tesla Model 3 and Model Y continue to dominate, but new contenders are climbing fast. The Chevy Bolt, for example, jumped from the #7 spot in 2023 and 2024 to #3 this year.

Here’s the full Top 10 list of most searched used EVs:

1. Tesla Model 3

2. Tesla Model Y

3. Chevy Bolt

4. Volkswagen ID.4

5. Hyundai Ioniq 5

6. Nissan Leaf

7. Ford F-150 Lightning

8. BMW i3

9. Ford Mustang Mach-E

10. Rivian R1T

Notably, the Ford F-150 Lightning and Rivian R1T broke into the top 10 for the first time, while older favorites like the Tesla Model S and Audi e-tron dropped off the list.

Sedans and Coupes Take the Lead in EV Trade-Ins

In a surprising shift, more people are now trading in sedans and coupes for EVs than SUVs. According to CarMax, 44% of all EV trade-ins came from these smaller car segments, up from 36% in 2024 and 29% in 2023.

This suggests that the EV buyer base is expanding beyond the SUV crowd and tapping into everyday drivers looking for affordable, efficient alternatives.

What’s Driving the Trend?

Lower prices are only part of the story. Used EV shoppers may also be motivated by incentives like the federal $4,000 tax credit for qualifying pre-owned EVs, growing environmental awareness, and increasing availability of models in the resale market.

If you’ve been considering making the switch to electric, now might be the best time to start shopping.

Source: Electrek.co