More than half of consumers say they’re unlikely to buy an electric vehicle

EV adoption interest is the lowest it’s been since 2019. | Shutterstock

Electric vehicle (EV) adoption interest is the lowest it has been since 2019, with the percentage of consumers indicating they would be “unlikely” or “very unlikely” to purchase an EV rising from 51% to 63%, according to an AAA survey.

The biggest barriers against consumers making the transition to fully electric vehicles are high battery repair costs (62%) and purchase price (59%). According to AAA’s 2024 Your Driving Cost analysis, EVs had the second-highest total ownership costs due to depreciation, purchase prices and finance charges. Additionally, consumers have been able to take advantage of tax credits by purchasing EVs, but 12% cited the potential reduction or elimination in tax credits and rebates as a barrier to buying.

Other top concerns identified in this year’s survey were the perceived unsuitability of EVs for long-distance travel (57%), a lack of convenient public charging stations (56%) and fear of running out of charge while driving (55%).

While convenience-store chains continue to add EV chargers to their locations to curb the lack of public charging stations, the pullback on the National Electric Vehicle Infrastructure Formula Program (NEVI) federal funding is hurting the number of chains that can do so. 

“There’s not really a business model there to make a large investment without grant funding because it’s a large capital investment, and the business volume is just not there right now,” Tom Healy,  vice president of facilities development and maintenance at Nouria told CSP in May. The Worcester, Massachusetts-based convenience-store chain has 183 locations, 13 active EV chargers and 26 additional EV chargers expected to be installed by the end of 2025 that have not been affected by the pause on federal funding.

Public chargers cost approximately $3,500 per connector for Level 2 chargers and $38,000 to $90,000 per connector for direct current (DC) fast chargers, with higher costs depending on power output, according to the according to the Department of Energy. That’s not including installation costs, which average around $2,500 per connector. 

Other concerns include safety. Twenty-seven percent reported challenges installing charging stations at their residences.

More than 75 EV model options have been introduced in the past four years, AAA said.

Despite advancements in the EV industry and the growing availability of models, public perception regarding the future of EVs remains uncertain. The percentage of U.S. drivers who believe that most cars will be electric within the next ten years has significantly declined from 40% in 2022 to 23% this year, according to AAA’s survey.

On the other hand, 16% of U.S. adults report being “very likely” or “likely” to purchase a fully EV as their next car. More than 75 EV model options have been introduced in the past four years, AAA said. The biggest push toward consumer interest in EVs is high gas prices, and in 2022, when gas prices reached $5, 77% of consumers cited that as their top motivation to purchase.

The national average for a gallon of regular ranges from $3 to $3.50, or even higher in depending on the state, according to AAA, but the primary reasons for buying EVs remain similar this year, with respondents citing gas savings, environmental concerns and an appreciation for the lower maintenance costs associated with EVs. 

According to last year’s Your Driving Cost analysis by AAA, EVs had the lowest fuel cost of any vehicle type, based on a national average electricity price of 15.9 cents per kilowatt hour. EVs also had the lowest maintenance costs among all models.

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