CarGurus recently released the results from its annual survey of automobile owners on their sentiments toward electric vehicles (EVs). It’s the second year the online survey has been conducted, and the results show that interest in EVs fell year over year, though openness varies by age.
Read on for the key findings from the CarGurus 2022 Electric Vehicle Study.
Excitement for EVs has waned YoY
Compared to 2021, fewer people say they expect to own an EV in the next decade. However, openness varies by age, with Gen X showing more promising adoption. Car buyers in their thirties and early forties were especially open to the idea of going fully electric in the near-term – 72% of buyers ages 30-44 years old were open to owning an EV compared to only 56% of buyers ages 18-29 years old.
More charging stations and peace of mind are the answer for many
When talking about EVs, buyers say they could be best convinced to go electric for three reasons: if there were more charging stations available, charging range improves, and cost parity with ICE vehicles. These changes would give consumers greater peace of mind on the road and make them more apt to make the switch to electric. Until then, consumers feel that many of their potential driving scenarios seem impossible with today’s charging infrastructure.
Hybrid vehicles lack the long-term promise EVs show in consumers’ eyes
Though the backup fuel source hybrids provide offers some peace of mind for consumers, hybrids aren’t an exciting long-term promise in the eyes of most. In the next decade, the expected adoption of EVs exceeds the adoption of hybrids, according to consumers. Only 35% of consumers say they’re likely to own a hybrid vehicle in the next ten years, compared to 59% who expect to own an EV.
Ford, Audi, and BMW top consumers’ lists for EV and hybrid consideration
The base of potential EV buyers has expanded beyond the premium category. According to this year’s survey, Ford was the top considered brand among both potential EV and hybrid buyers. More than one-third (35%) of potential EV buyers said they’d consider purchasing an EV from Ford, followed by Audi (31%) and BMW (29%). For hybrids, consumers are most likely to consider Ford (34%), BMW (33%), and Audi (32%).
While EVs may feel like uncharted territory for dealerships, embracing them in the coming months and years will be crucial to addressing long-term demand and catering to changing buyer preferences down the road. For more takeaways, download the full CarGurus 2022 Electric Vehicle Insight Report.