As gas prices remain high, more Americans plan to buy electric, according to new survey
As gas prices continue to remain high, many Americans said they plan to go electric when it comes time to buy a new vehicle.
A new national survey by AAA shows that a quarter of consumers plan to go electric for their next vehicle purchase, more specifically, a fully electric, not hybrid vehicle.
The most common factor is to save on fuel costs.
The survey also revealed that some are hesitant to make the switch, over concerns relating to the vehicle’s range, purchase price and availability of public charging options.
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“Consumers who are fed up with the wild price swings at the pump, may be more willing than ever to make the switch to an electric vehicle,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Record-high gas prices have brought the cost of owning an EV more in line with a standard gasoline-powered vehicle. Although it may cost more money up front, EVs cost less to charge, maintain, and are more efficient.”
EV sales continue to steadily rise within the United States. In 2021 alone, almost 450,000 EVs were sold, an 88% increase year over year.
While fuel costs can vary depending on vehicle type, electricity costs and gas prices, AAA determined the cost of charging an EV is 2-4 times less than fueling a gasoline-powered vehicle.
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According to a AAA news release, in addition to fuel savings, electric vehicles cost less to maintain, because they don’t have spark plugs, need oil changes or air-filter replacements. However, EV owners may need to cover the cost of a new battery, which ranges in price from $2,500 to over $10,000.
The top concerns that consumers cited for not wanting to go electric were:
· Higher purchase price
· Worries that there are not enough places to charge their vehicles
· Concerns about running out of charge when driving
· Unsuitability for long-distance travel
· High cost of battery repair or replacement
· Inability to install a charging station where they live
However, AAA believes having a better understanding of the following aspects of electric vehicle ownership will help consumers overcome their concerns.
· Performance: Electric vehicles are more efficient in stop-and-go traffic because the car can recapture energy from braking to charge the battery when decelerating.
· Charger Accessibility: The number of public charging stations has more than tripled in the past five years. While charging infrastructure has improved, more work is needed to support greater consumer adoption in the coming years. In February, the United States Department of Transportation dedicated $5 billion over five years to help states create a network of EV charging stations along designated fuel corridors, as part of the Infrastructure Investment and Jobs Act. Though it’s unclear how many charging stations this will add.
· Integration: According to previous AAA research, most owners of electric vehicles (78%) usually have one or more gas-powered or non-plug-in hybrid vehicles in the household, in addition to their electric vehicles. The benefits of using an electric vehicle for shorter commutes while using their gas-powered vehicle for longer trips may go a long way in addressing range anxiety while also highlighting the benefits.
· Roadside Assistance: AAA is synonymous with the automobile, whether electric or gas-powered. This includes servicing members who own electric vehicles. AAA finds that much like gas-powered vehicles, the top reasons for roadside assistance for EV owners include issues with tires or needing a tow, but rarely for running out of charge. However, if needed, AAA provides members with EVs a charge on the roadside or towing service to the nearest public EV charging station.
· Electric Vehicle Incentives: Currently, there is only one active federal tax credit for EVs. Battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEV) purchased in or after 2010 are eligible for a federal income tax credit of up to $7,500, with EVs with larger battery capacity eligible for more significant tax credits. However, this credit will phase out to 50% of the total credit amount once a manufacturer has reached 200,000 PHEVs and BEVs sold. Only two manufacturers, Tesla and General Motors, have completely phased out their credits.
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“Simply improving the range of electric vehicles will not be enough to calm consumer anxiety and encourage them to give these vehicles a chance,” said Jenkins. “However, with continuous education on electric vehicle ownership, coupled with more consumers seeing their neighbors convert, the popularity surrounding electric vehicles will grow.”
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