New data from automotive research firms Edmunds and Cox Automotive indicate that more U.S. consumers are trading gasoline-powered vehicles for electric vehicles, although analysts caution that it remains too early to determine whether the trend reflects a lasting market shift or a temporary response to higher fuel prices.
According to Edmunds, the percentage of new EV buyers trading in a gasoline-powered vehicle increased from 67.1% in January 2026 to 72.1% in April 2026.
The data also showed an increase in repeat EV purchases. In January, 26.2% of EV buyers traded in an existing electric vehicle for a new one. By April, that figure had risen to 35.4%.
EV Adoption Continues Despite Incentive Reductions
The increase in EV purchases occurred despite the expiration of the federal US$7,500 electric vehicle tax credit and the reduction or removal of several state-level incentives.
The figures suggest that a growing number of consumers continue to consider electric vehicles even as government support becomes less prominent.
However, analysts said additional data will be needed before determining whether the recent increase represents a structural change in purchasing behavior.
Fuel Prices May Be Influencing Decisions
Ivan Drury, senior director of insights at Edmunds, said elevated fuel prices may be contributing to the recent increase in EV adoption.
“About three more months of high gas prices and elevated EV trade-in numbers will give a better indication of whether customers feel pinched enough at the pump to consider a switch,” Drury told CNBC.
Analysts noted that rising oil and gasoline prices have increased operating costs for internal combustion engine vehicles, potentially making electric vehicles more attractive despite their generally higher purchase prices.
Used EV Values Rise Faster Than Other Segments
Separate data from Cox Automotive indicate that used electric vehicle prices have increased more rapidly than those of conventional vehicles.
The company’s Manheim Used Vehicle Value Index showed overall used vehicle values approximately 4% higher than a year earlier.
According to Cox Automotive, three-year-old electric vehicle prices have outperformed non-EV values for six consecutive weeks and are now 11% higher than at the beginning of 2026.
Jeremy Robb, chief economist at Cox Automotive, said fuel costs may continue influencing consumer purchasing decisions.
“The longer gas prices remain elevated, the more we expect consumers to turn to fuel-efficient vehicles,” Robb said.
He added that growing numbers of EV lease returns entering the market this summer could provide further insight into pricing trends.
Different Vehicle Segments Show Diverging Trends
The data also revealed significant differences across vehicle categories.
Used gasoline-powered sport utility vehicles and crossover utility vehicles recorded the weakest year-on-year appreciation, increasing by only 0.3%.
Compact cars, which are generally among the most fuel-efficient internal combustion vehicles, experienced one of the strongest gains, with prices rising 7.6% compared with a year earlier.
The trend suggests consumers may be placing greater value on fuel efficiency as operating costs increase.
Market Outlook Remains Uncertain
While recent data point to growing interest in electric vehicles, analysts continue to caution against drawing firm conclusions from a limited period of market activity.
Higher fuel prices, changing economic conditions and evolving vehicle incentives could all influence purchasing behavior in the coming months.
Industry observers will be watching whether elevated EV trade-in activity and stronger used EV pricing continue through the remainder of the year, which could provide clearer evidence of whether consumers are making a lasting transition toward electric mobility or responding primarily to short-term fuel price pressures.
