EV Rental Surge Continues as Gas Hits $4.02/Gal, Boosting Used Prices

Surging U.S. gasoline prices to $4.02/gal—up 33% since late February amid Middle East tensions—continue driving drivers to EV rentals. Hertz reported EV reservations up 25% in March vs. February, Turo saw 11% higher bookings in late March and 47% YoY on March 31, while Car Rental Gateway noted a 16% rise in EV/hybrid bookings. This short-term demand shift is firming used-EV prices after declines, though new EV sales fell 25% in March due to expired tax credits. Rental firms and used-EV markets stand to gain if fuel costs stay high.