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It’s a great time to have an electric vehicle — and more Americans are getting the message.
Despite President Donald Trump’s pledge to refrain from striking Iran before next month’s midterm elections, oil markets are still roiling. The average price for a gallon of gasoline across the country has been stuck at over $4 for months now, making it considerably cheaper to drive an EV than a gas-powered car, even if you only charge up at pricey public stations.
Of course, going electric was a pretty sweet deal a year or so ago too, when the federal government still offered tax credits for certain EV purchases. The end of those incentives sent EV sales off a cliff, but now they’re finally on the rebound. U.S. consumers bought 262,649 new EVs in the third quarter of this year, marking two straight quarters of sales growth after last year’s face-plant, according to Cox Automotive.
That number is nowhere close to the record 437,487 new EVs sold in the third quarter of last year, when Americans rushed to take advantage of federal tax credits before they expired. But this time the growth is likely to continue, Cox Automotive says, as gas prices show no sign of going down soon.
The current hot streak extends to used EVs too. Americans bought 44 , 350 used EVs in August, up 26 % from July and up 15 % from a year prior, Cox reports — and one vehicle in particular is helping drive the surge.
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