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From Trade-Ins to Top Picks: CarMax Reveals Used EV Shopping Trends

1. CarMax reports nearly doubled EV search interest since January 2022. 2. Average used EV prices dropped over 40% in the same period. 3. Ford F-150 Lightning and Rivian R1T are now top EV sales models. 4. Oregon eclipsed California for the highest EV sales percentage. 5. Sedans and coupes are now the most traded-in body styles for EVs.

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FAQ

Why Bullish?

Rising EV interest and declining prices could boost KMX sales and revenues, reflecting economic transitions. Historical examples show companies pivoting towards EVs like Tesla saw market caps rise significantly.

How important is it?

The upward trend in EV sales, alongside price reductions, aligns with CarMax's strategy and growth prospects, making the insights crucial for investors.

Why Long Term?

The increasing consumer demand for EVs suggests sustained growth potential for KMX in the coming years, as early adopters expand into mainstream markets like Oregon and others.

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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 by 12% (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 40% drop in average used EV prices during the same period,” said Nick Anderson, VP of Data Science at CarMax. “This shift in price, combined with the increasing availability of diverse EV models in the used car market, is likely encouraging more customers to consider transitioning to an EV. Additionally, CarMax data over the last six months revealed increased interest in used EVs across more states, which suggests that we are moving beyond the early adoption phase of this technology.” 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) 887-2915Email: 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 $8 billion in receivables during fiscal 2025, adding to its nearly $18 billion portfolio. CarMax has 250 store locations, over 30,000 associates, and is proud to have been recognized for 21 consecutive years as one of the Fortune 100 Best Companies to Work For®. CarMax is committed to helping its communities thrive and reducing the environmental footprint of its operations. Learn more in the 2024 Responsibility Report. For more information, visit www.carmax.com.

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