Is increasing fuel costs the primary reason more drivers are going electric?
Increasing gas prices – and associated consumer pain when paying at the pump – are factors that undoubtedly influence the decision to choose an electric vehicle (EV). As recent statistics show however, they aren’t the only reason many Americans are trading in their gas-powered vehicles in favor of a more environmentally-responsible option. A recent Consumer Reports survey indicates 71% of U.S. drivers express some level of interest in buying or leasing an electric-only vehicle, citing a variety of reasons for making the move.
This article will examine the factors influencing shifting consumer preferences and the surge in EV popularity.
Gas prices may not be the only reason automobile owners are considering EVs, but they certainly are a major contributor.
Car Gurus recently published the results of their Electric Vehicle Sentiment Survey, encompassing a February 2021 poll of over one thousand American automobile owners. Over half (52%) of respondents expect to own an EV within the decade – a significant increase from 34% in 2018.
The survey highlights a correlation between gas costs and a migration to an electric vehicle; at $5 per gallon, 57% of respondents would be more likely to consider an EV. Should the price per gallon hit $10, an overwhelming 92% of surveyed drivers would make the switch.
The most effective strategy to encourage EV adoption? According to the results of the Car Gurus’ survey, the availability of local charging stations is the ultimate deciding factor. With 65% of respondents listing infrastructure as their paramount concern, efforts like President Biden’s proposed 500, 000 electric vehicle charging network are assuring drivers looking for a place to charge their next automobile.
Under the guidelines of the Bipartisan Infrastructure Law, $7.5 billion will be allocated to support the electric vehicle charging architecture, with an additional $7 billion reserved for the critical minerals supply chain needed to provide batteries, materials and recycling.
The third contributing factor to the widespread adoption of EVs? Long-term cost savings. A recent Blink Charging report details the difference in yearly operating costs between gas-powered vehicles and their electrically-charged brethren: The annual cost for the average fuel-operated vehicle is $1,117, while the operational spend for an EV averages $485.
Prices at the pump, more available charging stations and switching to save cash are contributing to the health of the electric vehicle market. Today’s fiscally responsible driver is joining their environmentally conscious neighbor in adopting sustainable, cost-effective vehicles.
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