Quote:
Originally Posted by Vmaxx
I agree we’ll see some changes in demand as gas prices change, but not as much as before. We’ve seen in recent fuel price spikes that although demand for ICE vehicles may decline a bit, the percentage of SUVs and trucks within those sales didn’t change much. So it seems people still buy what they want regardless of the gas prices. Also, the cost to charge an EV away from home has increased significantly over the years and is no longer much cheaper than fueling up an ICE vehicle.
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When fuel costs rose leading up to 2008 people were dumping trucks like crazy; new truck sales slowed to a crawl and you couldn’t give away a used one. The “lifestyle truck” market wasn’t as entrenched in society back then, but was well underway.
If the economy doesn’t take a drastic turn for the better soon, I think we’re going to see the same thing happen. I doubt it will drive much EV sales as the entry cost is still very high. I could see the value of cheaper used EVs increasing, though.