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Or sign-in if you have an account.Used vehicles for sale are seen at an auto mall in Ottawa, on April 26, 2021. Photo by GettyCanadians drained the supply of electric vehicles on Clutch Technologies Inc.‘s website at the fastest pace on record to mitigate sticker shock at the gas pumps and benefit from lower prices, says a new report from the used-car retail platform.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an Accountor“We’ve seen a direct correlation,” Dan Park, chief executive of Clutch, said. “As soon as those gas prices started creeping up, we almost saw a twofold increase in EV demand as a result of that.”After gas prices surged at the end of February due to the United States-Iran conflict, sales of EVs on Clutch eventually accelerated to a median of 11 days, their fastest pace ever and “two and half times quicker than our gasoline cars,” it said.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againMore broadly, used EVs sold in a median of 24 days, six days fewer than it took for used gas vehicles to sell and “faster than every other vehicle type,” Clutch said, citing proprietary data for the market as a whole.Besides saving on gas, Canadians also got a break from comparable EVs coming in cheaper than a year ago.“Affordability is certainly a driver of the used generally, but also for EVs,” Park said. “There’s been a significant increase in used car inventory among the EV categories over the last couple of years,” fuelled by a Tesla Inc. production ramp-up in 2022 and 2023.He also said vehicles coming off lease contracts are flooding into the used market.The month-over-month average price of a Tesla Model 3 was up 0.3 per cent to $28,164 in June, but down 11.7 per cent from the same time a year ago and $6,000 below the average used vehicle price.Nearly 48 per cent of used EVs are selling for less than $35,000 and about 60 per cent are selling for under $40,000.But the EV market could pull a U-turn if gas prices fall back into the range of $1.10 to $1.20 a litre, with Park saying consumer demand is very elastic to gas prices.New EV sales jumped 74.7 per cent year over year in March and 21.2 per cent in April, reaching 12.2 per cent of new sales at its spring peak, likely boosted by the federal purchase incentive, Clutch said.EV sales represented a small share of overall sales on Clutch, settling at 3.9 per cent in June after peaking in April at 5.7 per cent, while hybrids accounted for nearly seven per cent. SUVs represented 63.8 per cent of sales.The used car market is where more price-wary Canadians are spending their money, with overall sales rising 5.8 per cent year over year in the first half, while new car sales declined by 5.1 per cent, according to Statistics Canada.Outside of the EV category, Clutch said 39 of the 50 most popular vehicles sold in Canada went for lower prices than a year ago.For example, the price of a Honda CR-V, No. 2 by sales volume, fell 1.9 per cent in June from a year ago, while the Honda Civic, No. 4, fell 3.8 per cent. Sales of the top seller, the Ford F-150, rose, rose 0.2 per cent year over year, but was down 0.4 per cent month over month.Park said the weaker macroeconomic environment is pushing people to the used market.“You can see economic softness that is creating less demand (overall), and that demand is actually moving towards used vehicles,” he said. 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