Interest In Electric Cars Is Increasing Says CFA Report

A survey conducted on behalf of the Consumer Federation Of America in August shows that interest in electric cars is increasing in America. Overall, the percentage of people who say they would consider buying an electric car has grown from 31% last year to 36%. Young adults 18 to 34 have the highest level of interest at 50%. The CFA says sales of electric cars grew faster in the first four years they were generally available that sales of hybrids like the Toyota Prius did during the first four years they were offered for sale.

“Consumer interest in buying electric vehicles is growing at the same time these vehicles are becoming more available and more attractive,” said Jack Gillis, CFA Director of Public Affairs and author of The Car Book. “It does not surprise us that electric vehicle sales have grown more rapidly in their first four years than did those of hybrid vehicles,” he added.

One of the survey questions asked, “The next time you buy or lease a car, would you consider an electric vehicle if it costs the same as a gas-powered car, has lower operating and maintenance costs, has a 200 mile range between charges, and can recharge in less than an hour?” 57% of all respondents said they would be interested in purchasing an electric car like that. For those who say they know a lot about EVs, the figure was 62%. For young adults between 18 and 34, the figure was 70%.

“As the younger buyers enter the market, more attractive EVs are made available, and consumers learn more about these vehicles, interest in purchasing them is likely to grow significantly,” said CFA’s Gillis.

When the federal tax credit is taken into account, there are several electric cars on the market that cost less than gas powered models. The average price of cars and light trucks in America last year was $33,560. Several electric cars cost less than that after all rebates and incentives are considered. In addition, more models are coming available all the time. This year, there are 25 versions of electric cars available. Next year, that number is expected to grow to 33.

To help educate consumers, the CFA is offering The Car Book’s Snapshot Guide to Electric Vehicles free online. “Our goal is to expose the public to the options available, and thereby increase interest in learning more about electric vehicles. With batteries becoming more efficient, an increasing number of choices entering the market, and prices becoming more affordable, there is no question that EVs are poised to disrupt the automotive marketplace,” said the CFA’s Gillis.

The Guide provides an overview of the key features of 2017 model EVs. It allowing consumers to compare the mileage, range, and charging types available among new models. Designed to improve consumer knowledge and understanding of EVs, it provides a comparative road map to the choices available for 2016.

The Consumer Federation of America is a nonprofit association of more than 250 consumer groups that was founded in 1968 to advance the consumer interest through research, advocacy, and education.

Source: Consumer Federation of America