Electric Vehicle Sales Rise as Gas Prices Average $4.32 Nationwide
Electric vehicles accounted for 6.4 percent of all U.S. new car sales in the third quarter of 2026, rising from 5.8 percent in the second quarter, USA Today reported. The sales increase coincides with higher pump prices, as gasoline averaged $4.32 a gallon nationwide on Oct. 16, 2026, according to AAA data. That figure marks a sharp increase from the $3.05 average recorded one year prior on Oct. 16, 2025.
Stephanie Valdez Streaty, director of Industry Insights at Cox Automotive, stated that elevated fuel costs this year have helped the domestic electric vehicle market find its footing. The market recovery follows President Donald Trump’s decision to end a popular $7,500 federal tax credit for electric vehicles in September 2025.
Washington State Drivers Save the Most on Electric Silverados
Data compiled by the Zero Emission Transportation Administration compares the annual expenditures of a gas-powered Chevrolet Silverado against an electric Chevrolet Silverado to determine state-level savings. Washington state drivers save the most money compared to gas-powered counterparts, with an annual electric vehicle savings of $3,273.68 based on an Oct. 16, 2026, gas price average of $5.41.
Utah ranks second in annual savings at $2,971.02, supported by a gas price average of $4.83. Idaho follows in third place with annual savings of $2,931.46 and a gas price average of $4.85. Oregon drivers save $2,835.81 annually with a gas price average of $4.96, while California rounds out the top five with annual savings of $2,665.68 against a state gas price average of $6.21.
Broader Financial Savings and Depreciation Trends for Electric Vehicle Owners
Drivers who opt for a new or used electric vehicle can save $2,200 annually on gas, according to figures from the U.S. Department of Energy. Hybrid drivers also realize fuel savings, averaging $1,500 annually according to the agency.
Beyond fuel costs, owners of electric models save an average of about $8,811 on ownership and maintenance over the lifespan needed to drive a vehicle 200,000 miles, according to Consumer Reports. While electric vehicles have historically depreciated faster than gas-powered cars, losing roughly 58% to 60% of their value over five years compared to a low-to-high 40% range for gas cars, that gap is narrowing as the used electric vehicle market expands.
Frequently Asked Questions About Electric Vehicle Savings
How much did the U.S. electric vehicle market grow in the third quarter of 2026?
Electric vehicles accounted for 6.4 percent of all U.S. new car sales in the third quarter of 2026, increasing from 5.8 percent in the second quarter, according to Cox Automotive data cited by USA Today.
What factors drove the recent rebound in electric vehicle sales after the federal tax credit ended?
Stephanie Valdez Streaty of Cox Automotive noted that elevated fuel costs above $4 a gallon have helped the domestic electric vehicle market find its footing following the expiration of the $7,500 federal tax credit in September 2025.
Which state generated the highest annual savings for electric Chevrolet Silverado drivers?
Washington state led all states in the Zero Emission Transportation Administration study, yielding annual electric vehicle savings of $3,273.68 against a gas price average of $5.41 on Oct. 16, 2026.
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