Used EVs and hybrids are where buyers are finding relief

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With the federal EV credit gone, Reuters says U.S. shoppers are turning to hybrids and used EVs to cope with high fuel prices.

Gas prices are high, but most Americans aren't rushing into new EVs. Instead, Reuters reports, they're buying hybrids and used electric cars.

Hybrid sales jumped 23% in the first three quarters of the year compared with the same period a year earlier, making up 15.6% of total sales, according to Reuters. "The energy and the masses are definitely running to hybrid technology," Detroit-area dealer Thad Szott told Reuters. Nissan's Tiago Castro called hybrids "a safer choice" for buyers worried about range.

The used-EV market is also busy. Sales of used electric cars rose 19% through September, according to CarGurus data cited by Reuters, which described it as a sign that less affluent buyers are looking for relief from fuel costs.

New EVs are a tougher sell. Reuters, citing Motor Intelligence, says U.S. EV sales are down 30.7% this year through September, about 6% of the market, after the $7,500 federal tax credit expired a year ago. Many automakers have dropped EV models or cheap leases. Honda says it will end production of its EVs after this year and expand hybrids.

Europe is a different story. Reuters reports that EVs made up 23.2% of the European market through September, helped by strict emissions rules, more than 150 EV models and national tax breaks.

For buyers, both paths can cut fuel spending. A hybrid avoids charging and range worries. A used EV can be cheaper up front. If you go used, ask for a battery health report and check that the car can use the charging network you plan to rely on.

Sources: Reuters via Lee Enterprises