Study Shows 34% Of New Car Buyers Now Considering An EV

Automotive News recently reported that 34% of new car buyers would consider purchasing an electric vehicle (EV) for their next car. The poll also revealed that 50% of Democrats would consider an EV, compared to 26% of Republicans and 27% of independents.

With over 80 EV models now available in the US and electric car sales up by more than 60% last year, it’s clear that the market is growing. Old Joe Biden has set a goal for 50% of all new vehicles sold in 2030 to be EVs or plug-in hybrids. Tesla remains the leading EV maker in the US, but other popular models including Ford’s Mustang Mach-E crossover, GM’s Chevrolet Bolt and Hyundai’s Ioniq 5 are making inroads as well.

The poll also found that 56% of respondents would be willing to pay no more than $50K for an EV. Despite the Biden administration’s expansion of $7,500 electric vehicle tax credits and other incentives to shift the industry towards electric models, many EVs still cost significantly more than $50,000.

The world’s automakers are investing heavily in the development of electric vehicles, batteries, and raw materials to support production. This comes as the government moves to adopt new regulations to accelerate the transition away from gasoline-powered vehicles.

The US Environmental Protection Agency is set to propose new, more stringent vehicle emissions rules for at least the 2030 model year in the coming weeks. In December 2021, the EPA finalized new light-duty tailpipe emissions requirements through the 2026 model year.

One key question is whether the new EPA rules will align with California’s ambitious efforts to increase zero-emission vehicles and phase out new gasoline-powered vehicles by 2035. California Air Resources Board Executive Officer Steven Cliff has urged the federal government to adopt rules equivalent in stringency to California’s. However, President Biden has not endorsed California’s plan to phase out new gas-powered light-duty vehicles by 2035.

ElecrifiedMag’s Take: Who’d a thunk? Folks don’t want to pay an arm and a leg to replace the family car, regardless of how it’s propelled. It’s also the reason two-thirds of the car-buying public is NOT considering purchasing an electric car. Good old competition is a key factor and one of the tenants of capitalism, i.e., “Competition creates better products and lower prices for the consumer.” 

The competition will speed up the development of better batteries, recharging infrastructure, and bring down MSRPs. So for all of you folks cheering the demise of “Legacy Auto” remember this, it will take all the world OEMs competing against each other to bring us the best EVs at the best price. Ultimately, car buyers and the market will pick winners and losers and decide the rate of EV adoption, not politicians in Washington.

About the author

Dave Cruikshank

Dave Cruikshank is a lifelong car enthusiast and an editor at Power Automedia. He digs all flavors of automobiles, from classic cars to modern EVs. Dave loves music, design, tech, current events, and fitness.
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