High Costs and Limited Infrastructure Deter Drivers from Electric Vehicles Despite Rising Discounts

Amidst Increased Discounts, Poll Shows 57% of Respondents Unlikely to Purchase an Electric Vehicle due to High Costs, Maintenance Expenses, Limited Charging Infrastructure and Range Concerns.

• Despite increased incentives and rebates from the automotive industry, potential electric vehicle (EV) buyers are deterred by high upfront costs and pricey repairs and maintenance. The average cost of a new EV is around $50,683, according to Kelley Blue Book data.
• Over half of the survey respondents cited limited charging infrastructures and limited driving range as significant hindrances to purchasing an EV. Currently, there are more than 135,000 public EV chargers in the US, an increase of 40% since President Joe Biden took office.
• The median range for gasoline vehicles is 403 miles, compared to the average driving range of an EV at 234 miles. However, the DOE anticipates the range discrepancy between gasoline-powered vehicles and EVs to decrease as more long-range EVs become available.
• Despite the high costs of EVs, discounts are increasingly being offered on the market. Edmunds data showed that the average EV sold for about $2,000 under sticker price, and this does not include government tax incentives.
• Hidden costs associated with EVs include battery replacements and expensive insurance premiums. Battery replacements can cost between $5,000 and $20,000, and damaging an EV battery can lead to repair bills of up to $21,000.

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