Drivers are feeling the burden as gas prices soar
Drivers across the country are reacting to rising gas prices as costs rise and frustration mounts in cities like Los Angeles.
- Rising gas prices are prompting American drivers to consider hybrid and electric vehicles.
- New electric cars are more expensive on average than new gas-powered cars, but many hybrid models are more budget-friendly.
- Electric vehicle owners can save thousands of dollars in fuel and maintenance costs over the life of their vehicle.
As gas prices rise, more U.S. drivers are considering hybrid and electric vehicles when shopping online, according to Edmunds.com.
“During the week beginning March 2, shoppers considering electric vehicles (hybrid, plug-in hybrid and battery electric vehicles) accounted for 22.4% of total vehicle research activity at Edmunds, up from 20.7% the previous week,” the website said in a post published Wednesday, March 11.
“Most of that increase was due to increased shopper interest in battery electric vehicles, which had the largest increase among electric powertrains during this period,” Edmunds analyst Jessica Caldwell said in a note.
The news comes as the average price of gasoline rose from an average of $3.19 per gallon a week ago on March 4th to $3.58 per gallon on March 11th.
With this rise in mind, USA TODAY Cars looked at whether now is a good time to consider buying a hybrid or electric vehicle.
How much does it cost to buy a hybrid or EV?
The average price of a new electric vehicle in February 2026 was $55,300, according to Cox Automotive. This was 0.6% higher than January’s average of $55,715. That compares to the average price of a new gas-powered vehicle in February 2026 of $49,353, according to Cox Automotive’s Kelley Blue Book.
Edmunds said that by 2025, there will be more than a dozen hybrid models priced at about $35,000 or less.
In an interview with USA TODAY, Cox Automotive Director of Insights Stephanie Valdez Streety said more drivers may consider EVs if gas prices continue to rise for several months.
“If this situation continues and prices stay high, it will affect consumer behavior,” she said. “If you look at the growth of hybrid cars, people who live in places like California or Florida where gas prices are high might consider a hybrid car because there are so many options now.” Valdez-Streeti said hybrid cars are generally easier to use, even for people who drive traditional gas cars, because they don’t need to be charged unless they are plug-in.
How long does it take to break even on a hybrid or electric car?
Assuming a depreciation rate of about 12% per year, drivers will break even by the sixth year of owning the EV.
According to Consumer Reports, owners of electric vehicle models save an average of about $8,811 in ownership and maintenance costs over the time it takes to drive 200,000 miles compared to the best-selling conventional vehicle.
“Electric vehicles (EVs) are generally expected to be cheaper to maintain because they have fewer moving parts in electric motors and other drivetrain components than internal combustion engines, and they do not require fluid changes,” the group said.
EVs have historically depreciated faster than gas-powered cars, but the gap is narrowing as the used EV market expands. EVs typically lose about 58 to 60 percent of their value over five years, compared to the low to high 40 percent depreciation rate for gasoline-powered cars. The U.S. Department of Energy said in a post on its website in 2024 that drivers of all-electric cars will spend $2,200 less per year than if they had to fill up a conventional car, and hybrid drivers could save $1,500 per year on gas.
The Federal Highway Administration estimates that most drivers drive about 13,000 miles a year. That means it will take about 15 years to reach 200,000 miles. If you can save at least $1,500 a year on gas over 15 years, that’s a total savings of $22,500. This is enough to cover 40% of the current price of a new EV.
Used EVs and hybrids may offer additional savings opportunities
A driver who spends $28,000 on a used EV and saves $2,500 a year in gas, ownership and maintenance costs will pay for itself by the fifth year of owning the car.
According to Recharged.com, the average price of a used EV in the U.S. is about $28,000 to $29,000, while the average used price of a gas-powered vehicle was more than $29,099, according to Cars.com.
The number of used electric vehicles is increasing as leases, which were popular in the early 2020s when the federal government offered tax credits, are being returned to dealers.
According to a report by Cox Automotive, the number of used EVs sold in January reached 31,503 units, an increase of 21.2% compared to January last year, and an increase of 20.8% compared to December 2025.
