Could spiking gas prices help EV sales?

GLENDORA, Calif. () — You can’t miss those bigger numbers above gas stations these days – the rapid runup of pump prices causing sticker shock.

“I just couldn’t believe I was getting so little for so much more,” said Peter Santana of Valley Village, reacting to the price of his recent gasoline purchase.

So are more people looking to switch from fill-ups to charge-ups?

“This is definitely the type of situation that spikes interest in electric vehicles,” said Jessica Caldwell, director of insights at Edmunds.com.

Consumer shopping site Edmunds sees a big increase in EV research any time gas prices start rapidly heading upward, previously right after the Russia-Ukraine war amped up in early 2022, sending oil and gasoline prices higher.

But last fall’s elimination of the $7,500 federal EV tax credit could have many thinking that going electric no longer makes financial sense. Slow sales of certain models have prompted some manufacturers to cut sticker prices and/or offer lease deals.

“Don’t necessarily think that just because the federal tax credit has gone away that the deals are terrible,” Caldwell noted. “You’ve just got to do your research and see what’s still available because there are a lot of compelling deals out there on EVs and there probably will continue to be so.”

If you’re looking for a new car anyway, finding one that uses no gasoline could be the way to go. Those who’ve already made that move don’t seem to sweat when they hear the news about prices.

“It’s nice not having to care about the price of gas. That’s pretty cool,” said Shane Pinnell while quick-charging his Volkswagen EV in Upland.

Public charging options keep growing, but it’s still less convenient than if you can charge at home. Experts say there are other options that involve cars with partial electric power and better mpg.

“If you are not ready to go EV, maybe you live in a shared living situation. It’s not easy to have a charger, or you don’t have access to a charger, maybe something like a hybrid or a plug-in hybrid is just more ideal for what your situation is,” Caldwell summarized.