Rising Gas Prices Drive Interest in Electric and Hybrid Vehicles
As gasoline prices continue to soar, many U.S. drivers are exploring alternative options such as hybrid and electric vehicles. This shift in consumer behavior is reflected in the recent data from Edmunds.com, which indicates a growing interest in electrified vehicles.
According to a report by Edmunds.com, the week beginning March 2 saw 22.4% of vehicle research activity focused on electrified vehicles, a noticeable increase from the previous week’s 20.7%. Jessica Caldwell, an analyst at Edmunds, highlighted that this rise was primarily due to increased interest in battery electric vehicles.
With the national average price of gasoline at $3.58 per gallon, up from $3.19 the previous week, many are reconsidering their vehicle choices. The question arises: Is it time to switch to a hybrid or electric vehicle?
Cost of Hybrid and Electric Vehicles
The financial aspect of purchasing an electric or hybrid vehicle is a major consideration for potential buyers. In February 2026, the average price of a new electric car was approximately $55,300, compared to $49,353 for a new gas-powered car, as reported by Cox Automotive. However, hybrid models often present more budget-friendly options, with over a dozen models priced around $35,000 or less in 2025, according to Edmunds.
Stephanie Valdez Streaty from Cox Automotive noted that sustained high gas prices could further influence consumer behavior towards EVs. “If this thing sustains and prices stay this elevated, that will influence consumer behavior,” she said.
Financial Break-Even for Hybrid and Electric Vehicles
Potential savings on fuel and maintenance make electric vehicles appealing over the long term. Consumer Reports found that owners of electric models saved an average of $8,811 over the lifespan of their cars compared to traditional vehicles. The reduced maintenance cost is largely attributed to the fewer moving parts in EVs, as well as the absence of fluid changes.
Although EVs have historically depreciated faster than gas-powered cars, this gap is closing as the market for used EVs grows. The U.S. Department of Energy estimates that electric car drivers save $2,200 annually compared to traditional car owners, while hybrid drivers save around $1,500 each year.
Opportunities for Savings with Used Electric and Hybrid Vehicles
For those considering used vehicles, the financial benefits can be equally compelling. A used EV priced at $28,000 could lead to a financial break-even point within five years, assuming annual savings of $2,500 on gas and maintenance. The average cost of a used EV in the U.S. hovers around $28,000-$29,000.
The market for used electric vehicles is expanding as leases from the early 2020s, incentivized by federal tax credits, return to dealerships. According to Cox Automotive, January saw 31,503 used EV sales, marking a substantial increase from both the previous month and year.
Original Story at www.usatoday.com