Used Electric Vehicle Prices Drop by 40%, Buyer Interest Soars
The electric vehicle (EV) landscape is undergoing a major transformation, and this time, it’s great news for buyers. Instead of rising prices, the used EV market is seeing record-breaking price drops, sparking a surge in consumer interest. A new analysis from CarMax, the nation’s leading used car retailer, reveals that the average price of a used EV plummeted by more than 40% between January 2022 and February 2025. In comparison, prices for gas-powered vehicles, hybrids, and plug-in hybrids only declined by about 12% over the same period. This dramatic drop has ignited a wave of enthusiasm among buyers. CarMax reported…