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Electric vehicle Google search interest rises as gas prices spike

Yahoo Finance's Brian Sozzi discusses the increase in Google searches for electric vehicles amid high gas prices.

Video Transcript

BRIAN SOZZI: Search interest in electric cars has reached a record high in the US this month. You can see in that chart right there on the screen that search interest in EVs has really surged amid the soaring cost of gas this month. And Julie, what is interesting here, besides the fact that it's a very pretty chart in Yahoo Finance purple, is that during this time frame, Tesla shares up 16% so far in March.

JULIE HYMAN: I mean, what we're going to have to see if there's actual followthrough from just searching for those cars to actually buying those cars, right? Because the trends that we tend to see historically in these kinds of situations, sort of pre-electric cars, is an increase in interest in better mileage per gallon cars versus, say, SUVs historically.

Consumers are pretty fickle. So in other words, once gas prices come back down, people quickly forget and they go back to gas guzzling, or in this case, combustion engine car. So it'll be interesting to see, A, if people follow through and buy electric cars if we see that surge, and B, how long that effect lasts, even if gasoline prices start to come down.

BRIAN SOZZI: Well, Julie, speaking of buying a car, we found another chart here, too. This is a bonus session here for chart/stat of the day. Used car prices, they are finally starting to decline off of their peak. That is from Manheim-- the Manheim Index. And that chart comes to us from the fine folks over at DataTrek.

So used car prices clearly have spiked during the pandemic, as people seek out their own personal modes of transportation. But still, looks like prices are starting to come back off their peaks. So if you're looking for that beat up 2002 Toyota Camry with 120,000 miles, right now, Julie, might be a good time to buy.