Electric vehicles

Bloomberg - Growing numbers of Americans are finding relief from soaring fuel prices in a used-car market awash with affordable electric vehicles. As gasoline costs climb, a glut of secondhand EVs is turning excess inventory into bargains.

• Carmakers had been struggling to sell new EVs as higher prices, steep financing rates and concerns over driving range contributed to a slowdown in adoption.
• But the average cost of a new car broke $50,000 for the first time last year, meaning EVs don’t look as expensive anymore. In fact, more than a third of used battery-powered cars sell at half that amount.
• Gasoline prices have become a particular pain point too as the continued effective closure of the Strait of Hormuz squeezes fuel supplies, adding to the appeal of EVs.