Following through on that purchase is going to be tough for most people, given the scarcity of new EVs on the market. The EVs that are available are more expensive than their gas equivalent, and inventory is extremely low. The same goes for hybrids and small to midsize cars, which generally fall near the bottom in terms of supply. So for anyone looking for relief from high gas prices, the solution is either patience — more EVs are coming! — or less driving.
EV sales have increased exponentially year-over-year, but they still account for only 4.5 percent of new cars sold in the US. The average sale price of a new EV is still about $10,000 more than the overall industry average that includes gas and electric cars. In terms of pricing, an EV is the equivalent of an entry level luxury vehicle.
Even if you can afford a new EV, good luck finding one. US vehicle inventory levels — the number of cars that are available to buy at any given time — are down about 60 percent from a year ago and 70 percent from 2020 to roughly 1.1 million vehicles, according to Cox Automotive. EVs and hybrids only represent about 25,100 units, or 2.4 percent of that total supply, as of February 21st, according to the company.
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EV sales have increased exponentially year-over-year, but they still account for only 4.5 percent of new cars sold in the US. The average sale price of a new EV is still about $10,000 more than the overall industry average that includes gas and electric cars. In terms of pricing, an EV is the equivalent of an entry level luxury vehicle.
Even if you can afford a new EV, good luck finding one. US vehicle inventory levels — the number of cars that are available to buy at any given time — are down about 60 percent from a year ago and 70 percent from 2020 to roughly 1.1 million vehicles, according to Cox Automotive. EVs and hybrids only represent about 25,100 units, or 2.4 percent of that total supply, as of February 21st, according to the company.
