By John Smith
If you are considering buying an electric car, the key questions that must be answered include: Where to charge ?
Also, how often does it take to charge? Is the vehicle price affordable?
If you live somewhere without a garage or a charging station nearby, this can be a tricky issue. More than half of U.S. consumers say they are considering buying a new or used electric vehicle, up from 38% in 2021, according to new research from Cox Automotive. What are the main reasons why people don’t buy electric cars? It’s the price, and the second is the lack of nearby charging stations.
Many new electric vehicle owners find that driving the vehicle itself requires some serious learning. Sales are still rising as automakers continue to push sales of electric vehicles, but growth is slowing as consumer demand declines from a year earlier and unsold inventory begins to pile up at some brands.
If you have a garage and a home electrical installation that can pass the test, an electric vehicle may be a good choice. Here are some questions electric car buyers must think about when considering whether to ditch their gas-powered vehicles for a plug-in electric vehicle.
1. What are the options for electric vehicles?
Electric vehicles use batteries as a power source and can typically travel about 270 miles per charge.
Plug-in hybrids retain a traditional internal combustion engine and have a battery-powered electric motor and a battery to power the car for short distances, such as 20 to 40 miles.
Both types of vehicles are eligible for tax credits specific to electric vehicles.
2. How to charge an electric vehicle?
If you can install a charging system at home or have access to a charging station, you are ready to own an electric vehicle. If you can’t install an EV charger at home, charging your EV somewhere else for hours can add stress and challenges to your life.
Tesla’s Supercharger network has more than 19,400 fast chargers in nearly 1,800 locations across the United States. Recent agreements with Ford, General Motors and Rivian mean that future electric vehicles from these brands can be charged at Tesla charging stations starting in 2024 as long as they have adapters.
For many others, charging access may be around the corner. General Motors, Honda and Stellantis recently announced plans to install thousands of electric vehicle chargers across the country.
Charging electric vehicles is likely to become more mobile, with charging services becoming more widely available, but at a cost.
3. Time spent charging electric vehicles
There are two main disadvantages to owning an electric car: the time it takes to charge it, and how far the car can travel on each charge.
Ilana Shabtay, vice president of marketing at automotive customer data platform Fullpath, told the Wall Street Journal that she is very satisfied with the 2023 Hyundai Ioniq 5. She said she had become accustomed to filling up in five minutes when driving a gasoline-powered car. But electric vehicle charging times require some adjustments.
On a recent family road trip, Shabutai said she had to stop to charge at 10 p.m. and it took 30 minutes to get to the charging station, something her children weren’t happy about.
Nikki Behrens, senior director of strategy and analysis at online used car market Carvana, said that as of 2023, although the number of electric vehicle charging stations has increased, the number of gas stations still greatly exceeds that of charging stations.
4. Range anxiety
Driving range anxiety, the fear of not being able to reach a charging station in time, is one reason that deters some potential electric vehicle buyers, especially those who like to drive long distances and need to plan the location of charging stations in advance.
Competing electric car makers have launched a ” range war”, especially in the luxury segment. The Tesla Model S, which has the longest range, has a claimed range of 405 miles, while the Lucid Air Grand Touring has a range of 516 miles. These luxury cars push the envelope in terms of range and price—the Lucid has a price tag of nearly $126,000.
A majority of respondents to the S&P Global Mobility Survey said they would accept a minimum electric vehicle range of less than 300 miles, 19% would accept a range between 251 and 300 miles, while 21% would accept a range between 201 and 250 miles. Only 29% want a minimum range of more than 300 miles.
The current range capabilities of electric vehicles meet consumer needs. Nearly every electric vehicle on the market has an EPA-rated range of more than 200 miles. Vehicles with an estimated range of more than 300 miles are limited to vehicles from luxury brands such as Lucid, Tesla, Rivian, BMW and Mercedes-Benz.
Ideally, experts believe, owners would use electric vehicles for daily commuting and charge the vehicles every day at work or at home.
5. Pricing remains the biggest obstacle to electric vehicles
The S&P Global Mobility Survey revealed that nearly half (48%) of the 7,500 global respondents believe electric vehicles are too expensive, despite knowing that most EVs are inherently premium.
“Pricing remains the biggest barrier to electric vehicles,” said Yanina Mills, senior technology research analyst at S&P Global Mobility.
In the past two years, consumer sentiment towards purchasing electric vehicles has cooled significantly. Mills said this rise and fall is emblematic of an immature market segment. In other words, the increase in the range of electric vehicles and the increase in the number of vehicle models to choose from have reduced the reasons for consumers to avoid purchasing electric vehicles.
Despite an increase in the number of available electric vehicles and increased consumer awareness of tax credits and benefits, less than half of respondents believe electric vehicle technology is ready for mass market adoption. The S&P Global Mobility Survey found that only 42% of respondents would consider an electric vehicle the next time they buy a car, and 62% would wait until technology improves before purchasing a new car.
