Electric vehicle prices and range, no gas costs, biggest concerns for potential buyers

Electric vehicle prices and range, no gas costs, biggest concerns for potential buyers

as gas prices top $5.00 per gallon nationwide and economists are wondering when the destruction of demand will really start, many are wondering if the electric vehicle (EV) sector will benefit.

Data shows that new EV purchases soared in Q1, and many industry watchers speculate that high gas prices are driving this behavior. But one new study from Autolist — an online car shopping platform — shows that gas prices aren’t actually driving more EV consumer confidence.

“This was a bit of a surprise to us,” said David Undercoffler, editor-in-chief of Autolist in an interview with Yahoo Finance. “We have asked people. “What dollar per gallon should the gas price be and then consider an EV for your next car?” And the most common answer was that it’s not really about the price of gas.”

Autolist survey on the effect of gas prices on electric car buying sentiment

Autolist survey on the effect of gas prices on electric car buying sentiment

When looking at the data, a whopping 21% of respondents said it wasn’t about the price of gas and “wouldn’t buy an EV for other reasons.” Fifteen percent said they weren’t sure, and only 6% said it would take $5 of gas before they seriously consider an EV their next vehicle.

It turns out that respondents in Autolist’s 1,300-person survey wouldn’t choose an EV for other reasons, and they go back to high prices for EVs (47%), range or lack thereof (44%) and no charging infrastructure (36%) ).

“Price is the number one reason they don’t buy an electric car. Range is the second reason, and then charging infrastructure, fear of where they’re going to charge the vehicle is always number three,” Undercoffler says.

Autolist survey on top reasons people don't buy EVSAutolist survey on top reasons people don't buy EVS

Autolist survey on top reasons people don’t buy EVS

Given these concerns, it’s no surprise that respondents were unwilling to pay a premium for an electric car instead of an equivalent gas-powered car. Twenty-eight percent of respondents said they would pay no premium at all, 22% were unsure, and 9% said they would pay $500-$1,000 more for an equivalent EV.

There is good news in the survey for driving EV buying sentiment.

Respondents were very positive about offering federal, state and local incentives for electric vehicle purchases, with 66% supporting government financial incentives. Another big factor is offering EVs in body styles that Americans want – namely crossovers and the ever-popular pickup truck.

“Whether it’s internal combustion or electric cars, we like crossovers in America — we like trucks too,” Undercoffler says. “We’ve seen a lot of major automakers, Ford (F) has the Lightning that you show there, that’s going to be a really interesting inflection point because I think that’s going to show a lot of people who might not have previously thought of an EV that, look, this offers many of the day-to-day operating benefits of my current truck, but now it is only electric.”

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and further Instagram

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