As gas prices hit new highs, currently at $4.31 a gallon, some car buyers are considering switching to electric vehicles to cut costs.

But those looking to buy an EV right now may be out of luck amid supply chain problems, pending orders and a record-low vehicle inventory. According to CNBC News, some of these vehicles are already bought before they even reach the dealer’s lot.

What they’re saying: “Even for people who want to switch to electric, they have nowhere to go,” said Jessica Caldwell, executive director of insights at

Utah gas prices blow by record high, now $4.30 and headed up
  • “Anything you’re looking to buy, you’re on a waitlist … or even if you’re looking to downsize your purchase, you’re paying top dollar. It just doesn’t make sense to make a move right now.”

State of play: It may not be a great time to buy an EV but many are still considering it.

  • “I’ve seen a surge of calls and emails about electric cars,” GS Motors owner Pavel Ihnatovich told NBC News, Kare 11.
  • In the past, most of his customers were interested in the environmental benefits of owning an EV, but now potential buyers are intrigued by the possibility of saving money, said Ihnatovich.
Will rising gas prices affect home prices?

According to Electrek, Tesla’s order rate saw a 100% increase this week in parts of the country most affected by high gas prices.

Flashback: The U.S. is facing economic fallout from the Russian invasion of Ukraine in February. Last week, President Joe Biden announced a U.S. ban on all Russian oil, gas and energy, as Art Raymond wrote for the Deseret News.