What to Know About Electric Cars When Gas Prices Are Surging

Joseph KaluMar 21, 2026

Electric vehicles users may be feeling smug since they do not have to worry about rising petrol prices. People who own combustion-engine vehicles may be wondering if it’s time to acquire an electric vehicle.

It’s unclear how long the battle with Iran will last and how high oil prices will rise. But the case for electric vehicles has obviously strengthened.

Whether electric vehicles are a good option for any individual or family is determined by a variety of criteria, including where you live, whether you have access to a charger, and how frequently you drive.

According to Cox Automotive, new electric vehicle prices in the United States have declined but still average $6,500 higher than those for vehicles powered by fossil fuels. From a purely financial standpoint, an electric vehicle makes sense for persons who will save significantly on fuel and maintenance during their ownership.

We write this article to help people make that calculation based on local electricity pricing and driving habits. However, the decision is more than just a financial one. Some benefits of electric vehicles are difficult to quantify, such as the peace of mind that comes with not being dependent on geopolitics.

There are early indications that “people want to be taken off the gas-price roller coaster,” said Jessica Caldwell, Edmunds’ head of insights. The percentage of persons exploring electric automobiles on Edmunds’ online car shopping site increased to 24 percent in early March from 21 percent in early February.

What to Know About Electric Vehicle When Gas Prices Are Surging

Here are some things to think about if you’re considering purchasing an electric vehicle

1. E.V.s are getting more affordable.

Last year, Congress cancelled a federal tax credit that could have helped to bridge the price gap between new electric vehicles and gasoline-powered cars.

However, certain governments and utilities continue to provide credits, rebates, and other financial assistance to electric car owners, and there are excellent prices to be found on secondhand electric vehicles.

Illinois and New Jersey provide citizens with up to $4,000 in incentives, depending on their income. New Yorkers can receive up to $2,000 in incentives.

While new electric vehicles are often more expensive than equivalent gasoline-powered vehicles, used electric vehicles are frequently less expensive.

A used Tesla Model 3, Ford Mustang Mach-E, or Hyundai Ioniq 5 costs about the same as a used Toyota RAV4, Nissan Rogue, or Honda CR-V, according to Recurrent, a company that studies the used electric car market. However, secondhand electric vehicles are more likely to be newer and have been driven fewer miles than petrol cars and trucks.

Carbuyers are noticing. Used electric vehicle sales increased by 29% in February compared to the previous year, according to Cox.

2. Automakers are introducing new electric models.

Following the expiration of federal tax breaks last year, some automakers delayed or discontinued electric products. This month, Honda halted production of three new electric vehicles in the United States. Ford Motor has discontinued production of the F-150 Lightning truck.

The cancellations may give the impression that electric vehicles are difficult to locate. That’s not the case. There is a growing array of reasonably priced automobiles that charge faster and travel further between charges than those available a few years ago.

Toyota’s luxury brand Lexus, which has been hesitant to promote electric vehicles, will introduce four new models this year. Rivian and Lucid, which sell automobiles for more than $70,000, want to sell models for around $50,000.

General Motors has relaunched the Bolt small, with a starting price of under $30,000. The Nissan Leaf, one of the first mass-produced electric vehicles, has gotten cheaper and better, starting at less than $30,000 and with a range of 300 miles.

Last year, Tesla began offering entry-level Model 3 sedans and Model Y sport utility vehicles for $37,000 and $40,000, respectively, before destination charges.

The quantity of old electric vehicles is projected to grow in the coming months as hundreds of thousands of leases expire. This should help keep prices down.

3. Charging electric cars can be cheap.

Electric vehicles provide the largest fuel cost reductions to households that can install chargers in their garages or driveways.

Electricity is not immune to price rises, but it typically does not fluctuate as much as petrol. The cost per kilowatt at a public fast charger has not changed since the battle in Iran began on February 28, according to Paren, which collects electric vehicle data.

Meanwhile, petrol prices have climbed by roughly 30% nationwide. In several states, petrol prices have jumped by more than a dollar per gallon.

Electric vehicles provide the largest fuel cost savings to households that can install chargers in their garage or driveway. Home chargers can replace a car’s battery overnight, making it easy to care for everyday driving needs for most people.

A home charger eliminates most refueling stops, except on long trips. The cost of installing one varies widely but is usually at least $1,000. Some utilities and state governments offer incentives that cover part of the cost. Electric vehicles can also charge at standard outlets, but it can take several days to refill a typical battery.

Some utilities, including Con Edison in New York, Georgia Power, and Pacific Gas & Electric in California, offer lower electricity rates to people who charge their vehicles when power demand is lower, usually at night. Charging a vehicle at home costs a few dollars per session.

Electric vehicles provide the largest fuel cost reductions to households that can install chargers in their garages or driveways.

Meanwhile, petrol prices have climbed by roughly 30% nationwide. In several states, petrol prices have jumped by more than a dollar per gallon.

Fast chargers can be expensive, however, in some cases more costly per mile than filling up with gasoline.

4. Electric cars also require less maintenance.

Electric vehicles don’t need oil changes and don’t have fuel pumps, mufflers, and other parts that wear out and need to be replaced. Brakes tend to wear more gradually because of systems that recover energy when the car slows down.

But these vehicles tend to be heavier and can wear out tires more quickly. Many owners, however, report getting 40,000 miles or more before needing new tires as long as they don’t drive aggressively.

Because the technology is new, electric vehicles are generally less reliable than hybrids or automobiles that run entirely on petrol or diesel. However, as the industry improved its manufacturing techniques, the vehicles became more reliable.