Edmunds trade-in data showed a 5% jump in people trading gas cars for new and used EVs for the first 4 months of 2026. The rise has happened as gas prices have climbed 40% since April 2025, according to AAA. Also, an increasing number of EV owners shopping for a new car are going right back for another EV. But it is primarily affecting customers already in the market for a new car. High car prices and interest rates are still keeping many shoppers away from dealer lots, even if gas prices are high. That could change if fuel costs stay elevated or rise further. Produced by: Robert Ferris Edited by: Ryan Baker Camera: Natalie Rice Animation: Jason Reginato Senior Director Video: Lindsey Jacobson Additional Footage: Getty Images » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Want to get ahead at work? Then you need to learn how to make effective small talk. In CNBC’s new online course, How To Talk To People At Work, expert instructors teach you how to use everyday conversation to gain visibility, build meaningful relationships and advance your career. Sign up now: https://cnb.cx/4sGlSkh Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC on Threads: https://cnb.cx/threads Follow CNBC News on X: https://cnb.cx/FollowCNBC Follow CNBC on WhatsApp: https://cnb.cx/WhatsAppCNBC #CNBC Are Surging Fuel Prices Pushing Up EV Sales? Experts Say It's Not That Simple
ADVERTISEMENT
You all are late to the party. Got an EV a few years ago and just SMH when I pass gas stations wondering why people voted for this.
I have a plug in and live next to a hydro dam with cheap electric. Charge at home and It costs me about $5.00 per month to drive 750 miles $200/barrel oil for the midterms please. Get ICE off our streets - drive an EV.
I just picked up my EV. It is such a joy to never have to go to the gas station again. No more oil changes or smog checks what a wonder piece of mind this car brings.
Wife and I both drive EVs, will NEVER go back to Gas. I've done road trips from Los Angeles to Atlanta, and commute to work everyday. Do not regret it at all.
2:07 - those factors become way less of an issue when it costs you $100 to fill up your tank with gas vs $15 with home charging...
EV sales have spiked in Europe, South America, Canada and just about everywhere in the world in the past 60 days. The actual oil shortage has not hit the US yet. The last oil tankers arrived last week. Actual fuel shortages will begin on the west coast soon . it will be just like 1973! Well, not if you own an electric car.
It's a ratchet. When people go electric, they don't go back to oil. The final result is obvious
EV & solar renewable energy sales are booming thanks to Trump and his illegal war in Iran - it's really funny that Trumps "Drill Baby Drill" policy has backfired.
I love my EVs. So fast, comfortable, low maintenance. I charge at home for less than $10. I’ll never buy anything that runs on fossil fuels again
In the Pacific NW where I live, there are plenty of low mileage (under 10K) used EVs that are bargains, especially compared to new. Why not let someone else take the especially steep initial EV depreciation?
I actually like the fact, that most people don't like evs, it keeps prices down on the used market. It's like a well kept secret. We went electric about 5 years ago.... and will never go back.
Trump was able to do what democrats always wanted to do . The ironic part Trump was able to achieve this without even giving EV subsidies
Went EV in 2022 because the gas prices not looking back to gas ever again doesn’t apply to me anymore ✌️
US, it's time to join the revolution and not think like 50 years ago. I drive an EV (have for 2 years) with no possibility to charge at home and it still works very much (and much cheaper than gas)😊
You're looking at the wrong data. Many of us aren't switching from gas to electric cars, we're switching from gas cars to ebikes. A lot of people aren't buying a 2nd car and are instead buying ebikes.
EVs are amazing and I won’t ever go back to gas. However government wants to Tax you on your EV because it doesn’t need smog check and avoids the gas tax. please keep an eye out and vote this out on your state and federal idc what party your on this is wrong not to mention they even want to track your miles in California.
I’m glad I bought my 2024 Tesla before Trump and that Maga party did away with all the rebates from the government! Once I know Trump was on his way to becoming president. I was on my way to the Tesla dealer, cause I knew Trump doesn’t do anything to help the average person. He only helps himself.!
I think it depends on location. My dealer can’t get them off their lots. However, where I live it is 70% apartment living.
Because Americans are experiential learners that can’t be assuaged with reason and logic.
This whole oil crap has made me plan my EV purchase this year. At least I can expect stable refueling costs, as compared to buying gas.