As gas prices stay high, many consider going electric
CINCINNATI (WRKC) - As gas prices remain high, some consumers are thinking of moving away from gas altogether and going electric. While interest may be accelerating, electric vehicles aren't immune to supply chain problems.
In 2022, more people are plugging in versus pumping. The US Energy Department says electric vehicle sales nearly doubled from 2020 to 2021 -- a trend that's not surprising to industry experts.
"The share of electric vehicles will grow every year for the next 40 years,” said TRED CEO Grant Feek.
TRED is an online used car marketplace.
"Consumers are interested in electric vehicles, and obviously right now, we have a short-term oil shock due to the war. Gas prices here in my neighborhood, were over $7 recently for the cheapest octane gas," said Feek.
That’s in Los Angeles, California, but in the Greater Cincinnati area, prices remain high too, between $4 and $5 a gallon. And because gas is likely to remain high, more consumers are steering toward hybrids and EV.
“I think the prices might also go up. It's going to be all supply and demand-based,” said Feek.
However, just like with new gas-powered cars and trucks, hybrids and EVs are hard to find and the prices are way up. On top of that, most EVs heading to dealerships are already spoken for.
"Obviously, there's a ramp in demand and you can see that with the stocks, Tesla and other stocks that are coming out with the EV,” said financial expert Joe Wilson.
Wilson says there's another thing to consider if you're thinking about switching to EV -- the Midwest isn't set up just yet for long road trips in them.
"There's just very few places to charge your car if you're going to go on a family trip," Wilson said. "Right now, with an electric vehicle, that could be a significant challenge. There's a gas station every few miles, that is not the same when it comes to the charging stations."
Right now, the average wait time to get an electric vehicle is six to nine months.
