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Car shoppers considering electric vehicles amid high gas prices, data shows
Interest in electric vehicles rose to 23.8% of U.S. car research after gas prices hit $3.96 per gallon amid the Iran War, though sales recently declined.
- The week of March 9, Edmunds, the U.S. car-shopping website, reported shoppers researching electric vehicles rose to 23.8%, about three percentage points higher than before the Feb. 28 U.S. strikes on Iran.
- National gas prices have climbed to $3.96 a gallon as of Monday, AAA data shows, while Goldman Sachs said last Friday that elevated oil prices could remain through 2027.
- Many shoppers choose EVs because recharging is typically cheaper than refueling, and electric vehicles are insulated from factors that influence gas prices.
- Electric vehicle sales fell dramatically after last September, reversing recent growth trends as the $7,500 federal tax credit, passed under the Biden administration, expired then.
- Experts note it will take months before research translates to sales, and Alan Baum said, if high prices persist for a couple months or three months, then the interest in electric vehicles will be there.
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Key Insights as Demand Surges, ETAuto
The share of people researching electric vehicles on Edmunds’ online car shopping site rose to 24 per cent.Electric car owners may be feeling smug because they don’t need to worry about soaring gasoline prices. And people with combustion engine cars may be wondering whether it’s time to buy an electric vehicle. It’s anyone’s guess how [...]
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