Rising Gas Prices Drive Renewed Interest in Electric Vehicles in the U.S.
After the great EV slowdown, high gas prices are tempting Americans back
Mint
Image: Mint
As gas prices soar above $4 per gallon, many Americans are reconsidering electric vehicles (EVs) for their cost efficiency. Car-shopping platforms report increased interest in EVs, with used electric vehicle sales rising by 12% in the first quarter of the year. Despite challenges, automakers are beginning to see signs of stabilization in the EV market.
- 01Rising gas prices are prompting Americans to consider electric vehicles (EVs) again.
- 02Used EV sales increased by 12% in the first quarter of the year.
- 03The average gas price in the U.S. is around $4.16 per gallon, significantly higher than pre-Iran conflict levels.
- 04Automakers like Toyota and Hyundai are seeing renewed interest in their electric models.
- 05Despite the uptick in EV interest, larger vehicles like SUVs remain popular among American buyers.
Advertisement
In-Article Ad
Skyrocketing gas prices have led many Americans, like Eric Janney from Aliquippa, Pennsylvania, to switch to electric vehicles (EVs) for their cost efficiency. With gas prices averaging $4.16 per gallon, car-shopping platforms such as Cars.com and Edmunds report a resurgence in EV interest, nearly matching levels seen before the expiration of the $7,500 federal EV tax credit last September. Used EV sales surged 12% in the first quarter of 2023, as consumers are drawn to lower maintenance costs and the potential for cheaper fuel. However, despite this renewed interest, new EV sales remain low, with electric models comprising only 6.2% of new car sales in March, up slightly from 6% in February. Automakers like Toyota and Hyundai are responding by introducing new electric models, with Toyota's bZ crossover becoming a top-selling EV after Tesla's offerings. While the market shows signs of stabilizing, the shift towards larger vehicles continues to dominate consumer preferences.
Advertisement
In-Article Ad
As gas prices remain high, consumers may find electric vehicles more appealing, leading to potential savings on fuel and maintenance over time.
Advertisement
In-Article Ad
Reader Poll
Are you considering switching to an electric vehicle due to rising gas prices?
Connecting to poll...
Read the original article
Visit the source for the complete story.


