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Many car buyers are thinking about electric cars, but still holding back

In 2020, Americans buy more electric cars than ever before. US consumers are on track to buy more in 2021 – electric vehicle sales are up 88% from 2020 numbers through the end of September. Even as sales of most new cars are slowing Slowing down due to supply chain challenges, electric vehicle sales continue to grow.

However, electric cars are still less than 3% of cars on US roads.

Automakers are rolling out dozens of new EVs this year. By the end of 2022, there may be over 100 different EV models for sale in the US Car designers and builders all depend on electrification while driving.

Buyer? They have a few reservations.

Cox’s 2021 car adoption roadway study shows that Americans are more willing than ever to consider buying an electric vehicle. But some roadblocks remain in the mind of the casual shopper. (Cox Automotive is the parent company of Kelley Blue Book.)

Shoppers are thinking twice but still haven’t

By the summer of 2021, during the research phase of the study, consumers had nearly 300 different car models to choose from, but less than 20 pure electric models, of which the majority were higher-end, luxury vehicles. . The average price paid for a new EV is close to $60,000, before the price drop, and is much higher than gasoline equivalents.

Among new car shoppers, 38% said they were willing to consider an electric vehicle. But that number dropped to 21% when the researchers asked whether shoppers were “more than 50% confident their next vehicle will be an electric vehicle.”

Only 3% sure they will buy one.

Range is still a concern, but a narrow one

Two years ago, 47% of study participants said they were concerned that a low driving range would make EVs impractical for them. This year, that number drops to 37%.

The younger the shopper, the less likely they are to care about range. Only 29% of millennials cited range as an issue. Among Gen Z shoppers, that number is only 20%.

One reason range is dwindling out of concern is that automakers are building new electric cars with longer ranges.

In 2019, the minimum expectation for a full charge range was 184 miles, and at the time, the average EV delivered 195 miles per charge, about 6% more than the minimum possible. acceptable. In 2021, range expectations have risen to a minimum of 217 miles. Of the electric vehicles on offer today, the average range is about 257 miles, 18% more than the minimum accepted range.

Read: Should you buy an electric car? Here are some pros and cons

Price concerns do not fade

While shoppers may worry less about range, their attitudes about price have not changed significantly. New research shows that 51% of shoppers think electric vehicles are too expensive to take seriously – a figure close to 2019’s.

In fact, EVs are on average more expensive to buy than their gasoline-powered counterparts. In October, when the average transaction price for a new car hit $46,000, the average EV was over $56,000, 20% higher.

See: All companies that are manufacturing or planning to produce electric vehicles

Shoppers don’t know about many electric vehicle options

Up to 83% of respondents know that Tesla
TSLA,
+ 5.09%

electric car sales. Only 44% know that Ford
NS,
-0.41%

no – although Ford’s all-electric Mustang Mach-E was on the market for most of 2021 and won the North American Utility Vehicle of the Year award in 2021.

See: Tesla still dominates the electric vehicle market in the US, but these competitors are catching up

Nissan
NSANY,
-2.38%

has been selling the all-electric Nissan Leaf, the most affordable EV in America, for more than a decade. But only 37% of survey respondents knew that Leaves existed. Chevrolet has similar problems. The all-electric Bolt was launched in late 2016 and is currently the third best-selling EV in the US. However, 69% of current electric vehicle shoppers are unsure whether Chevrolet will make an electric vehicle.

This story originally ran on KBB.com.

https://www.marketwatch.com/story/more-car-shoppers-are-thinking-about-evs-but-still-holding-back-11637790148?rss=1&siteid=rss Many car buyers are thinking about electric cars, but still holding back

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