More car buyers are hunting for used EVs – CarMax says searches filtered by “electric vehicle” have nearly doubled since January 2022.CarMax saw EV searches surge in March 2022 and again in June 2024. The first spike lined up with the gas price shock after Russia invaded Ukraine, and the second came right as the Biden administration rolled out its $4,000 federal tax credit for used EVs.
The online used car marketplace’s Spring 2025 Electric Vehicle Consumer Report shows just how far used EV prices have tumbled, down over 40% between January 2022 and February 2025. By comparison, prices for gas cars, hybrids, and plug-in hybrids only slipped about 12% over the same period.
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