US EV sales are rebounding as gas prices stay high

What happened?

U.S. drivers are buying electric vehicles (EVs) again. According to Canary Media, consumers bought 262,649 new EVs in the third quarter of 2026, the second straight quarter of growth. That number comes from an estimate provided by Cox Automotive.

That total is still well below the same quarter last year, when buyers rushed to purchase before federal EV tax credits ended. Cox suggested growth could continue while gas prices stay high.

Used EVs are selling too, with 44,350 sold in August, up 26% from July and 15% from a year earlier.

The backdrop is fuel cost. AAA showed gas prices of about $4.26 on October 21.

What it could mean for your home

Canary reports that at these gas prices, driving an EV is considerably cheaper than driving a gas car, even with public charging. Public charging usually costs more than home charging, though. AAA put the national average at about 41 cents per kilowatt-hour (the unit your utility uses to measure electricity) at public stations in early October.

Savings depend on your utility's rates, how far you drive, your vehicle, and how much you charge at home or publicly.

Canary notes gas prices probably won't stay high indefinitely, so weigh an EV against long-term costs, not just this month's price at the pump.

What you can do next

• Estimate your charging cost. Multiply your electricity rate by the kilowatt-hours your driving would use. We’ll walk you through the math to find out how much it costs to charge an EV.
• Ask your utility about EV or time-of-use rates. Some utilities charge less during off-peak hours, often overnight, which suits car charging.
• Pick a charging setup. A Level 1 charger plugs into a standard outlet and is slow, but cheap. A Level 2 charger is faster but typically needs a 240-volt outlet, which may mean hiring an electrician. Compare your options with our EV charging guide.
• Consider used. Used EVs can lower the purchase price for some buyers, but prices and battery condition vary, so compare the full cost.

Disclaimer: This content is for educational purposes only. Palmetto does not provide tax, legal, or accounting advice. Please consult your own tax, legal, and accounting advisors.