EV interest continues to rise as gas prices climb amid the ongoing Iran conflict, with notable gains across both the new and used markets.
The details: Consideration for electric vehicles has been climbing in recent months amid the Iran conflict, with Cars.com reporting a roughly 25% increase in combined new and used EV searches from late February to late March.
Top new EV searches include the Volkswagen ID. Buzz, Chevrolet Equinox EV, Ford Mustang Mach-E, and Chevrolet Silverado EV, with overall new-EV searches up 23.8%.
Tesla dominates used EV searches on Cars.com, led by the Model 3, Model Y, Model S, and Model X, with used-EV searches rising 25.5%.
Hybrid interest also increased, though more modestly, with new hybrid searches up 12.5% and plug-in hybrid searches up 5% over the same period.
Why it matters: The rise in EV search activity suggests fuel-price volatility is once again pushing more shoppers toward electrified options, creating an opportunity for dealers with the right mix of new and used EV inventory, especially as affordability and incentives continue to shape buyer decisions.
Zooming in: While the top used EV searches track with what Cars.com typically sees, the top new EV searches reflect a broader mix of consumer interest in the current market, according to the platform.
The Volkswagen ID. Buzz’s surge in searches likely reflects a combination of heavy dealer discounts as the model winds down—with no return planned for 2027—and broader curiosity about the EV.
Interest in the Chevrolet Equinox EV and Ford Mustang Mach-E follows a similar pattern: both are affordable, mainstream EVs currently available with notable incentives, said Cars.com.
Continued high search volume for the Chevrolet Silverado EV suggests diesel truck owners, facing rising fuel costs, are increasingly considering electric alternatives.
Between the lines: The shift in the EV market goes beyond consideration, with used-EV sales rising across both wholesale and retail channels.
Wholesale EV volume at Manheim hit a record in Q1, with nearly 37,000 units sold.
Analysts estimate that more than 100,000 used EVs were sold in Q1, marking the second-best result ever.
OUTSMART THE CAR MARKET IN 5 MINUTES A WEEK
Get insights trusted by 55,000+ car dealers. Free, fast, and built for automotive leaders.
What they’re saying: “This surge is likely tied to gas price anxiety and may not represent a permanent shift on its own,” a Cars.com spokesperson told CDG News. “These kinds of spikes tend to occur around periods of oil price volatility and can fade as prices normalize. That said, it's not meaningless; it at least suggests potentially growing consideration of EVs. With a wave of off-lease EVs hitting the used market soon, and data showing most EV owners don't return to gas vehicles, sustained search interest could translate to real volume.”
Bottom line: EV interest may be getting a temporary boost from higher gas prices, but it is also reinforcing the importance of being ready for shifts in shopper demand. For dealers, that means paying close attention to EV inventory, pricing, and used-market opportunities as more consumers weigh electrified alternatives.
A quick word from our partner
Experian Automotive—the auto industry’s trusted source for turning data insights into action.
Experian brings together unmatched vehicle, consumer, and credit data, delivering customized insights powered by a team of true automotive experts who live and breathe this industry.
From smarter marketing to better credit decisions, comprehensive vehicle history, market insights, and fraud protection, Experian Automotive helps you move faster, think smarter, and stay ahead of the market.
