US EV sales are rising again. Here’s why the recovery is set to last.

Electric vehicle sales are climbing again after last year's slump. The federal tax credits that once made EVs cheaper disappeared, and sales dropped hard. But with gas prices stuck above $4 a gallon in much of the country, driving electric has become the cheaper option again, even for people who rely on public charging stations rather than charging at home. Americans bought 262,649 new EVs in the third quarter of this year, the second straight quarter of growth, according to Cox Automotive. That's still well below last year's record rush before the tax credits expired, but analysts expect the growth to continue since gas prices aren't likely to drop soon.

Used EVs are seeing a similar bump, with sales up sharply in August. Part of that is driven by Ford's discontinued F-150 Lightning electric truck, which is now popular on the resale market now that it's priced lower than when new. Europe is seeing the same trend, with EV sales there hitting a record high in September.

Beyond gas prices, automakers are also rolling out more EV options at lower price points, including a cheaper electric pickup from Ford and a less expensive SUV from Rivian. For homeowners who charge a vehicle at home or are weighing an EV purchase, this suggests the current combination of high gas prices and improving vehicle choices could make electric driving a more stable, lasting value rather than a short-lived trend tied to tax credits.