Americans Turning to Electric Vehicles Amid Rising Gas Prices

As gas prices soar in the United States, many people are starting to consider electric vehicles (EVs) as a viable alternative. This uptick in interest aligns with a previous industry President Donald Trump aimed to slow.

Data shows a sharp rise in EV interest. Between early March and mid-May, average gas prices jumped from under $3 to over $4.50 per gallon. During this period, CarGurus reported a 62% increase in searches for new EVs on its platform, according to Kevin Roberts, Director of Economic and Market Intelligence. Views of used EVs rose by 49%. Roberts emphasized this growing interest is beginning to result in sales, especially for used models. Used EV sales were up 17% in April compared to the previous year. Prices for used EVs increased nearly 9% since February.

Cars.com, another used vehicle marketplace, observed similar results. In April, used EV searches rose 61% compared to April of the prior year. Since the year’s start, searches increased by 22.5%, as reported to Newsweek.

“This is the fastest turn rate since the 2022 fuel spike,” Cars.com commented regarding used EVs’ selling pace. The number of on-lot days for EVs decreased from 50 to 42 from the year’s start.

The conflict with Iran caused gas prices to surge, driving up interest in EVs. Prior to the U.S.-Israel joint bombing of Iran, gas prices had been decreasing, but the disruption in oil supply led to a global increase. U.S. drivers now face an average gas price of $4.55 per gallon.

California experiences the highest costs, with gas at $6.13 per gallon on average. Roberts highlighted how used EVs have become a desirable option for budget-conscious car buyers, with affordability improving despite the end of EV tax credits. For example, the average price of a used Chevy Equinox EV fell 20% year-over-year.

Joseph Yoon from Edmunds pointed out, “The same depreciation that impacted early EV owners is what makes used EVs attractive now.” A fresh wave of three-year EV leases is entering the market, further boosting used EV availability.

Conversely, new EVs are less affordable. The expiration of the $7,500 federal tax credit in September 2025, ordered by Trump, slowed demand for new EVs. By November 2025, the EV market share dropped from 11.5% to 5.0% after the tax credit deadline. As Yoon stated, “Affordability, charging access, and consumer confidence still drive the market.”

Stephanie Valdez Streaty from Cox Automotive commented that new EV affordability has worsened without incentives but is improving for used EVs.

Preference for Hybrid Vehicles

Not all consumers are turning directly to EVs. Interest in fuel-efficient gas vehicles and hybrids is also rising. According to Cox Automotive, 76% of surveyed shoppers indicated fuel costs affected their vehicle choice.

CarGurus data shows hybrids now make up around 12% of new vehicle listings, compared to 4.2% four years ago. Despite this increase, new hybrids have the tightest inventory, with just 47 days of supply.

Roberts stated, “Hybrids are the clear winner during this cycle, balancing cost and convenience better than EVs.” Examples include Toyota’s hybrid models, which have high demand due to their efficiency and lower upfront costs.

Will the Interest in EVs Sustain?

Experts caution that the increased interest in EVs could be temporary. Roberts noted that consumer interest historically waxes and wanes with gas prices. “Whether this time is different depends on how long prices stay elevated,” he explained.