Consumers interested in heading off pain at the fuel pump are multiplying, with interest in buying an electric vehicle soaring 70% since January, a new report found.
That data comes from Recurrent, a car industry analysis company, which found that people who wanted to buy EVs have been having a difficult time doing so because of inventory issues, supply chain problems and price increases of 25% from a year ago.
For its report, Recurrent crunched the numbers on supply chain issues, a spike of consumer interest in Tesla models from certain years, overall EV sales trends, and how the used car market has been affected by higher prices for new vehicles.
The result is a deep dive look at a market that was worth $163.01 billion in 2020 and is projected to be worth $823.74 billion by 2030.
It also gives a glimpse into how buyers are using this new technology, and what it looks like after they have had an electric vehicle for a few years.
More People Want Electric Vehicles Than Ever Before
Many consumers alarmed by double-digit increases in gas prices have been looking to electric vehicles as a way to help stabilize their fuel budgets. That's driven a major spike in the number of people wanting to buy EVs.
"EV interest rose almost 70% from January as gas prices remain high, which is driving prices up as much as 25% year-over-year," Recurrent said in a statement.
Demand has grown so much that the report found that owners who bought EVs and then sold them, found that they were making back all of the money they had spent on the initial sales price.
"With demand so high, EV owners have been recouping almost all of their original sales purchase by selling their used EVs – potentially even profiting in some cases," Recurrent said.
So Where Can People Find Cheap EVs?
The difficulty in finding an electric vehicle in a sector that has seen long wait times is also likely to continue, the report found.
"While some auto makers, like Tesla, are finding ways to expand sales during, EV interest continues to outpace available inventory," it said.
That should lead many EV-owning hopefuls to look at cheaper used options or for brand names other than industry leader Tesla, Recurrent said.
"EV prices will likely remain inflated for some time, so shoppers may benefit from buying an older car if the newer models are outside their budget," it said.
That level of demand will continue, the report found, with a growing number of people who only just bought their EVs now turning around and selling them.
"There is a flood of 2021 used EV inventory, despite being too soon for a traditional ownership cycle," it said. "That's due to the huge price increases being seen.
TheStreet has a breakdown here of where you can find cheaper electric vehicles.
