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 long the war with Iran will last and how high oil prices will climb. But the argument for electric vehicles has clearly become stronger. Whether electric vehicles are a good option for any individual or family depends on many factors, including where you live, whether you have access to a charger and how much you drive. In the United States, prices for new electric vehicles have fallen but still average $6,500 more than vehicles that run on fossil fuels, according to Cox Automotive. From a purely financial point of view, an electric vehicle makes sense for people who will save that much on fuel and maintenance during the time they own it.
But there is more to the decision than dollars and cents. Some benefits of electric vehicles are hard to put a price on, like the peace of mind that comes from not being at the mercy of geopolitics. There are tentative signs that “people want to be taken off the gas-price roller coaster,” said Jessica Caldwell, head of insights at Edmunds. The share of people researching electric vehicles on Edmunds’ online car shopping site rose to 24 per cent at the beginning of March from 21 per cent in early February.
Here are some things to consider if you’re thinking about electric vehicles.
EVs are getting more affordable
Last year, Congress eliminated a federal tax credit that could close the price gap between new electric vehicles and cars that run on gasoline. But some states and utilities still offer credits, rebates or other financial support for electric car buyers, and there are exceptionally good deals to be had on used electric vehicles.
Illinois and New Jersey offer residents up to $4,000 in incentives depending on their income. New Yorkers are eligible for incentives of up to $2,000.
While new electric vehicles are more expensive than comparable gasoline-powered cars, used electric vehicles are often cheaper. A used Tesla Model 3, Ford Mustang Mach-E or Hyundai Ioniq 5 sells for about the same price as a used Toyota RAV4, Nissan Rogue or Honda CR-V, according to Recurrent, a firm that tracks the market for used electric vehicles. But used electric vehicles are likely to have been driven for fewer miles than the gasoline cars and trucks and to be newer.
“And it’s probably loaded with a lot more cool technology inside,” said Scott Case, CEO of Recurrent. “It boggles the mind that that free lunch hasn’t been taken.” Car buyers are noticing. Sales of used electric vehicles in February rose 29 per cent from a year earlier, according to Cox.
Automakers are introducing new electric models
Some automakers delayed or scrapped electric models after federal tax incentives disappeared last year. This month, Honda canceled production of three new electric vehicles in the United States. Ford Motor has stopped making the F-150 Lightning pickup. The cancellations may create the impression that electric vehicles are hard to find. That is not the case. There is a growing selection of moderately priced cars that charge faster and travel farther between charges than vehicles available a few years ago.
Toyota and its luxury brand Lexus, which had been slow to sell electric vehicles, will sell four new models this year. Rivian and Lucid, whose vehicles sell for more than $70,000, are preparing to sell models for around $50,000.
Published On Mar 23, 2026 at 12:18 PM IST
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