EVs Still Remain Unaffordable for Most Americans

November 24, 2022 By Aaem Joshi

(Image Credit Google)

There will be a problem with the shortage of more affordable electric automobiles. You may have noticed that our coverage of automobiles leans heavily in favor of electric vehicles. That's partly due to the fact that atmospheric carbon dioxide levels are presently much greater than they have ever been since humans first began to colonize the globe. But as I drive more and more electric vehicles, it also becomes increasingly obvious that they are simply superior in almost every category, save for energy density and recharge times. However, a recent study of Americans, Canadians, and Australians indicates that I am in the minority among Americans in this regard. Only 33.8 percent of Americans believe they'd prefer an EV than a standard vehicle, according to a survey by the Australian insurance comparison website Consider the Market. In contrast, more than half (52.9%) say they intend to continue using gasoline or diesel, and this percentage rises to 70% for those who are between the ages of 55 and 64. However, an EV is preferred by 43% of people between the ages of 18 and 24. [caption id="attachment_65834" align="aligncenter" width="1200"]

Image credit: publicissapient[/caption] Unfortunately, not many people in that age group can afford them. In fact, at 54.5 percent, the purchase price came in second on the list of obstacles to EV adoption. (The largest obstacle to adoption, cited by 56.4 percent of poll respondents, was battery life and replacement prices, which, as we've previously discussed, is more of a perception issue than a practical one.) The issue is revealed when the data is segmented by price ranges. When you consider that the Chevrolet Bolt is now the least expensive EV available and still costs $25,600, only little more than a third (32.5%) of consumers say they're ready to spend $24,999 or less on a new EV, thus ruling them out of the market. The Bolt EUV ($27,200), Nissan Leaf ($28,895), Mazda MX-30 ($34,695), Hyundai Kona Electric ($34,845), and, if we fudge it a little, the Mini Cooper SE ($35,075) fall under this second 20.9 percent's upper limit of $34,999. In actuality, only 15.8% of respondents said that they would spend above $65,000 on a new EV. They're in luck because the majority of the new EVs have lately driven more than this and were all excellent automobiles. At least on the surface, Australia and Canada seem to be far more welcoming to EVs: 50.8 percent of Australians and 51.4 percent of Canadians, respectively, say they'd prefer an EV to a car with an internal combustion engine. However, adoption barriers are still relatively comparable; in Australia (66.6%) and Canada, the most prevalent one was the purchase price (60.5 percent). An Electric Vehicle Boom May Nearly Quadruple BYD's Nine-month Profits

An Electric Vehicle Boom May Nearly Quadruple BYD's Nine-month Profits

I'm not sure whether there is much reason for hope in this situation either. Next year, GM will add an electric Equinox to its lineup that will cost "about $30,000," but I'm having a hard time coming up with another affordable EV in the near future. However, conventionally powered vehicles aren't exempt either; in the US, the average cost of a new automobile this year was a startling $48,080, which in turn has increased the cost of used vehicles.

By Aaem Joshi

I am a Journalist who loves digging up stories that remain unheard. Strongly Believe in the knowledge of the social world.

EVs Still Remain Unaffordable for Most Americans

Walmart's GenAI Search Engine: Challenging Google's Dominance in Retail Search

Introducing the MSI Claw Handheld: Your Ultimate Gaming Companion

Uber Increases In-App Ads, Prompting Mixed Reactions from Customers

Apple's iOS 18: A Leap into the AI Era

Google's Regular Pixel 8 Won't Get Gemini Nano AI

MacBook Air M3 Makes Amends for M2's Storage Blunder

Samsung Unveils the Galaxy M15 5G

Elon Musk's xAI to Open-Source Chatbot Grok

Contra: Operation Galuga - A Modern Run-and-Gun Classic

Musk Confirms X's TV App Arrives This Week

Uber and Waymo Work Together to Create a Single Service for Ride-Hailing and Self-Driving Cars

Tesla Under NHTSA Investigation Again, This Time For Faulty Model X Seatbelts

Tesla will alter its approach by lowering prices to increase sales

Robotaxis Are a Problem in San Francisco; the City Is Trying to Slow Down Approvals

The Polestar 2 receives a significant upgrade for the 2024 model

Ferrari NV EVs Will Soon Have Their Own Unique Engine Noise