With Gas Prices Falling, 36% Of People Don't Think Buying An Electric Car Is Necessary Now
In June 2022, the average price of gas in the U.S. hiked over $5 per gallon to set a new record in its history, as reported by Bloomberg. The increased costs were even more alarming in a state like California where the price of gasoline surpassed $6 per gallon. Amid the fuel crisis, the demand for electric cars soared in early 2022, and giant automakers like Tesla, Volkswagen, and Ford Motor struggled to deliver EVs to customers on schedule. According to The New York Times, the supply of electric cars fell short of the demand due to the global chip shortage.
Though the U.S. government is working on a solution, the semiconductor shortage could likely go on until 2024. Now, the good news! The price of gas in the U.S is falling, and it's possible that it could cost less than $3 per gallon in many states within the next few months, according to CNN. Does that impact how many people want to buy an electric car? We conducted a survey to find out.
Consumers are split over whether they're going to make the EV switch
In a survey conducted by SlashGear, 35.98% of 592 respondents in the U.S. said they don't think buying an electric car is necessary at the moment. However, 26.35% of the respondents say they are "definitely" planning to buy an electric car right now, while 37.67% are on the fence about it. Of course, with the price of gasoline falling in the U.S., we're not surprised that many people don't think buying an EV is a priority. Perhaps influencing the decision are fears of a recession due to ongoing inflation (via Reuters).
It's also possible that many people are not thinking about buying an EV because they're usually more expensive than gas-powered vehicles, as revealed by the latest report from Kelly Blue Book. Also, if you need to replace the battery in an electric vehicle like a Tesla out of pocket, you may be surprised at how much it will cost – though, to be fair, a lithium-ion battery in an electric car can last over 300k miles on average before you need a replacement.
Even with the price of gasoline going down, electric cars are significantly cheaper to fuel than gas-powered models, and that could be the reason why some respondents in the poll have made the decision to switch to an electric car. Regardless, the future looks increasingly electric, and all signs point toward a fairly rapid transition from gas-powered vehicles to fully electric alternatives as governments take steps to combat climate change.