Along with a lack of charging infrastructure and range anxiety, the elevated state of EV prices compared to their ICE brethren remains one of the biggest obstacles for many when it comes to making the switch to electrification. This point has been made over and over again via various studies, and it’s something that Ford CEO Jim Farley is aware of as well. Following multiple price increases, we’ve seen a number of price cuts and discounts arrive for both the Ford Mustang Mach-E and Ford F-150 Lightning, though thus far, it seems as if most still think that EV prices are too high, a notion confirmed by a new study from AAA.
The latest version of AAA’s EV Consumer Sentiment Survey – which is designed to examine consumer attitudes toward adopting electric vehicles – one in four U.S adults said they would be either “very likely” or “likely” to buy an EV the next time they are in the market for a new or used vehicle, which is in line with results from the 2022 version of this same study. The reasoning behind the hesitation exhibited by the other three-quarters, however, also looks pretty familiar.
Of the 1,170 U.S. adults that AAA surveyed, the number one reason those shoppers stated they aren’t likely to consider an EV for their next vehicle purchase is cost, coming in at 59 percent. It was followed by a lack of charging stations (56 percent), the cost to repair or replace a battery (55 percent), and range anxiety (53 percent). Additionally, four out of ten surveyed consumers are concerned about the negative impact cold weather has on an electric vehicle’s range.
As for those that indicated they are likely to consider an EV, 76 percent cited a desire to save on the cost of fuel, followed by their concern for the environment (60 percent). Meanwhile, 58 percent of those consumers plan to buy a new EV, 26 percent say they would purchase a used one, and 16 percent are unsure.