Consumers are more interested in electric cars, but cost concerns are an important barrier to continued adoption, according to a new study.
In the Global Automotive Consumer Study 2023, advise Deloitte company found that most Americans don’t feel ready for an EV. Only 8% of survey respondents said EVs are their preferred choice for their next vehicle, while 62% said they plan to stick with the internal combustion engine. An additional 20% listed hybrid vehicles as their preference, with 8% voting no confidence in plug-in hybrid vehicles (the remaining percentage listed as “other”).
Chevrolet Silverado EV 2023
That said, just over half (52%) of US respondents listed cost as their biggest concern for electric vehicles, followed by driving range (48%) and time. charging time (47%). The level of concern about charging seems to have shifted from previous studies, but concerns about cost appear to be growing—and not just among car buyers.
At least one auto industry executive has warned of a Electric vehicle market “collapsed” if the price doesn’t drop. Recent softness in Used Tesla price may indicate some market forces at work. According to a recent report, the average used Tesla price fell 17% between July and November 2022, a notable change considering that price has been consistently high before. there.
Ford F-150 Lightning 2023
The battery price is also an important consideration in the total cost of a new electric vehicle. Battery costs skyrocket in 2022 due to a number of factors, can hinder the affordability of EVs.
As other studies have found, “intended” EVs consider the cost of ownership benefit as one of their strengths—so it’s likely they’ll be shocked to see how high prices have gone. However, lower operating costs could still make up for any difference over the next few years. The US Department of Energy says by 2022 that every electric vehicle in the US costs less than $1,000 a year to charge, compared with $2,000 to $7,000 to refuel a gasoline or diesel car.
