Gas Price Whiplash Is Bringing Americans Back to EV Market
Summary
Rising gas prices in the U.S. have increased interest and sales in electric vehicles (EVs), especially used EVs. Demand and prices for used EVs have grown as they offer a more affordable alternative during fuel price spikes caused by global events.Key Facts
- Gas prices in the U.S. rose from under $3 to over $4.50 per gallon between March and mid-May 2024.
- Online searches for new EVs increased by 62%, and searches for used EVs rose by 49% in the same period.
- Used EV sales grew 17% year-over-year, with prices increasing nearly 9% since February.
- Used EVs are selling faster, with the average time on car lots dropping from 50 to 42 days.
- The recent spike in gas prices is linked to conflicts in the Middle East affecting oil supply.
- Prices for some used EV models, like Chevy Equinox EV and Hyundai Ioniq 5, have decreased 17-20% year-over-year.
- Used Tesla Model 3 vehicles average around $25,700, making them competitive with used gas cars.
- A wave of three-year EV leases returning to the market is increasing supply and affordability for buyers.
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