After the great EV slowdown, high gas prices are tempting Americans back
High gas prices in the US are leading to a renewed interest in electric vehicles, with some car shoppers considering EVs due to their lower fuel costs. Used EV sales have jumped 12% in the first quarter, and automakers are seeing signs of life in the EV market after a slowdown.
The rise in gas prices is changing Americans' minds about electric vehicles. Eric Janney, an IT worker, bought a used Kia EV6 after leasing one for two years. Car-shopping platforms like Cars.com and Edmunds have seen an uptick in EV interest. High gas prices are making EVs more attractive. The average gas price in the US is around $4.16 per gallon. On the West Coast, prices are even higher, with some areas paying over $6 per gallon. The US agreed to a two-week cease-fire with Iran, but oil flow restoration may take months, keeping fuel prices high. Used EV sales have increased, with a 12% jump in the first quarter. The market is seeing a surge of off-lease EVs at lower prices. Electric models made up 6.2% of new-car sales in March, up from 6% in February. General Motors says the market is showing early signs of stabilizing at around 5-6% of industry sales.
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