Rising Gas Prices Increased Interest in EVs

TrueCar, Inc. the easiest, most efficient and transparent online destination for buying and selling new and used vehicles, recently commissioned a survey of 1,000 U.S. adults about their attitudes and shopping behaviors in regards to electric vehicles. The survey showed that rising fuel prices have garnered unprecedented interest in EVs among a wider array of consumers than ever. In fact, over the last month TrueCar experienced a 380% increase in EV prospects year-over-year and a 180% jump year-over-year for hybrids.

The TrueCar survey found that the proportion of consumers who say they are “extremely likely” to purchase an EV increased by 50% from July 2021 (from 14% to 21%). “Now, budget-minded shoppers have joined the technophiles and environmental stewards who represented many of EVs’ early adopters,” said Mike Darrow, President and CEO at TrueCar. “Throughout the last month we’ve seen a huge spike in electric vehicle and hybrid prospects on TrueCar sites. As for the EV that has been most popular, we’re seeing Kia’s EV6 as the vehicle with the highest scarcity,” he said.

With fuel prices at an all-time high, 57% of survey respondents say they are now more likely to consider an EV due to those rising costs. Of those planning to make a purchase in the next six months, two-thirds say they are now more likely to consider an EV.

Even so, consumers still have varying levels of interest in EVs. Men remain more likely to purchase an EV than women (59% vs. 45% likely), but interest among both groups has increased since July 2021, and the gender gap has narrowed. The age groups most likely to consider an EV have moved younger in that timeframe, with 20–29-year olds now the most likely to consider an EV.

Although EV consideration has grown significantly, there are still meaningful concerns around the related issues of charging and range. Access to charging remains key: 70% of those who say they are unlikely to purchase an EV do not have access to charging at home. And of these, two-thirds cannot install a charging station at home, making a dense public infrastructure critical for widespread adoption.

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