While more people hope to purchase an EV, there are still concerns about cost and charging infrastructure.
CarGurus has completed its second annual survey related to electric vehicle adoption. As expected, more people seem to be interested in EVs and are potentially planning on buying one at some point in the future. However, they are still simply too expensive upfront. In addition, range anxiety still exists due to the lack of adequate charging infrastructure in many locations.
All of the above comes as no surprise, but there's much more to the story here. CarGurus writes:
"This year’s survey shows an upswing in consumers’ interest in purchasing electric vehicles (EVs), with 45% saying they will probably own an EV in the next ten years, up from 34% compared to last year. Even more significant, 26% of consumers said they intend to purchase an EV in the next five years, nearly double the number reported in 2018 (15%)."
While five to ten years may seem far off, no matter what people think of EVs, most aren't going to run out and purchase one today. This is especially true if they already own a working vehicle or are tied up in a lease. Remember, there's much to be said about the opinion that the best car for the environment is the one you currently own.
Aside from current vehicle ownership, many consumers point to other reasons for dragging their feet. CarGurus shares:
"Sixty-seven percent of consumers said cost was a primary issue in purchasing an EV, and 56% of consumers said lack of charging stations was a concern; echoing last year’s sentiment of 65% and 60%, respectively."
The survey also points out that of all brands, Toyota and Tesla are the most popular "among shoppers that are likely to purchase an EV in the next six months." Interestingly, Toyota actually received 54 percent of the vote to Tesla's 52 percent. Don't let this throw you off though. A whole lot more people own Toyotas than Teslas.
When consumers were asked which brand they trust most when it comes to EVs, Tesla was the clear winner. The responses to this question resulted in the following:
Tesla – 33%
Toyota – 14%
Honda – 8%
General Motors (Chevrolet, Cadillac, Buick) – 7%
Ford – 6%
To access the full survey findings, click here.