EV Interest Grows as Gas Prices Rise

A quarter of Americans drivers told the American Automobile Association they will buy an electric vehicle (EV) as their next automobile as gasoline prices soar.

Around 30% of millennials say they will electrify their ride in their next vehicle purchase, found the American Automobile Association survey, which surveyed 1,051 American drivers. Of the respondents reporting plans to buy an EV, 77% said high fuel costs were driving this decision.

In 2019, the last time the organization checked Americans’ interest in EVs, 16% of respondents said they were likely to buy an EV next. However, the studies used different methodologies in their calculations.

The last time the organization gauged Americans’ interest in EVs in 2019, 16% said they were likely to buy one. The studies used different methodologies. 

Just 3.2% of U.S. vehicle sales in 2021 were EVs, according to Cox Automotive research. Also, in 2019, the number of available plug-in models was limited. Still, the level of interest indicated in the most recent survey suggests that plug-in vehicles are gaining momentum. There also are more EV choices available today than in 2019.

U.S. gasoline prices hit record highs at $5.02 a gallon in June,and have since settled to an average of $4.66, which is $1.51 more per gallon than a year ago, according to AAA. 

“The increase in gas prices over the last six months has pushed consumers to consider going electric, especially for younger generations,” Greg Brannon, AAA’s director of Automotive Engineering and Industry Relations, said in a statement. “They are looking for ways to save.”

Many Americans remain on the fence, however. The majority of respondants voiced concerns about EV costs and charging station availability.

AAA said it surveyed 1,051 American drivers online and by phone in February. The study has a margin of error of 4%. 

Originally posted on Auto Dealer Today