Electric car searches double amid gas price spike
Shoppers looking to avoid pain at the pump
FOX Business Flash top headlines for March 10
Here are your FOX Business Flash top headlines for March 10.
An increasing number of consumers have been looking for a way to avoid rising gas prices in recent weeks. Completely avoid them, that is.
Electric car searches are up amid the increase in gas prices. (Justin Sullivan/Getty Images)
Searches for electric vehicles on Cars.com have more than doubled since the war in Ukraine sent gas prices into record territory.
Traffic to the online marketplace's EV pages was up 112% on March 8, the day after gas hit an all-time high, compared to Feb. 24, when Russia invaded Ukraine.
New cars accounted for 83% of the searches, while used models spiked 130%. Cars.com attributes the interest in EVs to more than just the war, with overall inflation also a factor.
RUSSIA INVADES UKRAINE: LIVE UPDATES
But while EVs can reduce household energy costs by over $1,000 per year for drivers who can charge their vehicles at home, the upfront cost to get into an EV can be steep.
The $28,495 Nissan Leaf is the lowest-priced electric vehicle available today. (Nissan)
The cheapest new EV on sale today is the $28,425 entry-level version of the Nissan Leaf compact car, which qualifies for a $7,500 federal tax credit but has a range of just 149 miles per charge.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The majority of electric models available today are in premium segments, however, pushing average transaction prices over $60,000, or about $15,000 higher than the overall market, according to Edmunds.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NSANY | NISSAN MOTOR CO. LTD. | 7.39 | +0.04 | +0.54% |