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 that online searches for “electric vehicles” have nearly doubled since early 2022. Two notable spikes occurred — one in March 2022, when the Russia-Ukraine conflict caused fuel prices to soar, and another in June 2024, following the introduction of a $4,000 federal tax credit aimed at used EV purchases.
Tesla continues to dominate buyer preferences, with the Model 3 and Model Y clinching the top two spots for the third consecutive year. Meanwhile, the Chevrolet Bolt saw a significant jump in popularity, climbing to third place after years of lower rankings.
Newcomers to the top 10 list include the Ford F-150 Lightning and the Rivian R1T. Conversely, older favorites like the Tesla Model S and Audi e-tron slipped out of the top rankings. Models such as the Hyundai Ioniq 5, Nissan Leaf, and Volkswagen ID.4 remained strong contenders among used EV buyers.
Another interesting trend: more consumers are swapping out sedans and coupes for electric options rather than SUVs. In fact, sedans and coupes accounted for 44% of EV trade-ins, up from 36% the previous year and just 29% two years ago.
Among those trading in their vehicles for an EV, popular choices included the Honda Civic, Honda Accord, Toyota Prius, and even older Nissan Leafs. Tesla owners are making moves too, with many Model 3 drivers upgrading to the larger Model Y.
Regionally, Oregon has now overtaken California as the top state for used EV sales. California and Washington continue to be strong markets in second and third place. Other states like Nevada, Arizona, Utah, and New Mexico are also seeing impressive growth in used EV adoption.
On the East Coast, New York maintained its spot in the top 10, while Minnesota and New Jersey rose sharply in the rankings.
With used EV prices falling and consumer incentives expanding, electric vehicles are no longer a niche market for tech enthusiasts or early adopters. They’re rapidly becoming an affordable, mainstream option for everyday drivers across the country.
As more motorists take interest in used electric vehicles, there could be a corresponding spike in new EV sales by companies like Mullen Automotive Inc. (NASDAQ: MULN) as many of the misconceptions that held back consumers from switching to EVs are dispelled by the growing number of people owning secondhand BEVs.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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