Why More Americans Are Considering Electric Cars Now Than Ever Before

by TTAC Staff

Published: April 24th, 2024

Photo credit: husjur02 / Shutterstock.com

Recent data collected over a three-year period ending in February 2024 shows a significant increase in consumer searches for electric vehicles (EVs). Analysis indicates that interest in EVs has more than doubled, with a 177 percent rise in searches, underscoring a shift in consumer behavior and a greater inclination towards purchasing electric vehicles.

Influence of Fuel Prices on EV Demand

A distinct spike in searches for electric vehicles was noted between February and March 2022. This period coincides with increases in gasoline prices, suggesting a possible link between rising fuel costs and heightened interest in electric vehicles. Such trends highlight how external economic factors can drive consumer interest towards more sustainable vehicle options.

Popular Electric Vehicle Models and Pricing Trends

CarMax's sales data from September 2023 through February 2024 identifies the electric vehicles that are currently leading in popularity, along with their average sales prices:

Tesla Model 3: $34,045
Tesla Model Y: $43,896
Nissan LEAF: $18,465
Volkswagen ID.4: $31,576
Ford Mustang Mach-E: $38,713
Audi e-tron: $41,205
Chevrolet Bolt EUV: $26,776
Chevrolet Bolt EV: $22,564
Tesla Model S: $45,574
Hyundai Ioniq 5: $37,036

The pricing data reveals a range from approximately $22,000 to $45,000, which is significantly lower than the previous high of $72,000, suggesting that electric vehicles are becoming more financially accessible to a broader range of consumers.

Regional Sales Insights

While California remains a stronghold for electric vehicle sales, there is notable growth in the East Coast markets, particularly in Massachusetts, New York, and Maryland. This geographical expansion of EV sales indicates a nationwide shift towards electric mobility.

Public Sentiment and Market Response

Aligning with CarMax's findings, a 2023 Pew Research study revealed that a substantial portion of Americans are considering electric vehicles for their next purchase. This is reflective of a broader change in consumer preferences and a growing acceptance of electric vehicles across the country.

The collected data from CarMax not only emphasizes the diversity in popular electric vehicle models but also illustrates a trend towards more advantageous pricing. As the electric vehicle market continues to evolve, regional and national sales are expected to expand, supported by a favorable shift in public attitudes.

This article was co-written using AI and was then heavily edited and optimized by our editorial team.

TTAC Staff

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Fred No idea why someone would interested in buying this at the price point. I'm pro-ev but a quick search can pull-up a lot more value at lower costs. I like the Fiat design but I couldn't stomach paying $37k for limited range and a super tight back seat.
28-Cars-Later For the you-gotta-be-rich-to-afford-a-cheap-car crowd, Versa is the winner here IMO. Buy it new and pay the $300ish (?) note, but enjoy at least five years with relative reliability assuming historical average miles. Based on MY19, Manheim expects the "S" to be worth $5,975 in roughly five years with "retail" value being $12,650. Nissan and other second or third tier marques will give more on a new trade so assuming 20 OTD with incentives its a 12K/$2,400 depreciation over 5 years excluding interest and it probably could be kept another year or two before the Nissan in it starts to show. Mirage in this comparison is the new buy used on the cheap and run it till the wheels fall off. I'm loathe to compare it to either the Panther or 240 (since I don't believe it could physically last as long as either) but something in the vein of car you could repair yourself on the cheap which was originally intended for Third World conditions. Based on MY19, the ES hatch is worth $4K even with avg miles of 72,740 and "retail" value at $9,650. I personally see it as lot poison and could see savvy buyers making off with one of these near or below wholesale while Nissan is a staple of the subprime crowd and is much easier to finance. MC beings up an interesting contender in the used Chevy Bolt, whose wholesale is $12,050 for MY19 in LT trim with avg lower miles of 33,017. While this is very intriguing, financing is going to be the story here since Nissan or I imagine Mitsubishi could put buyers into half decent rates despite poor credit where a Bolt is "going to the street" and getting whatever high rate is being offered now. Assuming one can handle their own charging, Bolt does offer a lower maintenance cost and used I believe buyers have a higher chance of a white collar professional's commuter condition than what they will find in a used Nissan or Mitsu runabout. The risk to our theoretical buyer IMO is that the Bolt will straight up fail at some point in the future, either not take a charge or even turn on and for the higher wholesale entry point I say the Mitsu is a better choice since it likely won't completely fail and can very cheaply be replaced. Additional: For your kid/nephew/niece/any "middle class" child, I think Bolt is probably the better proposition here but I'd be out of the trade in 36 mos personally. For those truly on their own with no emergency support system, I'd shy away.
Jbltg It's interesting to note that in the Japan domestic market, where cars are built to order and dealers maintain barely any stock, that there are many, many color options. Really good ones, but no one seems to bite. Most of the cars on the road there are the same boring colors that we have. Go figure.My pet peeve is black interiors. Too depressing, and shows every speck of dust and dirt.
IBx1 Dealerships flood the market with grayscale cars to commodify them and drive down resale value. Green and yellow cars hold their value best because they cannot easily be replaced, but you can throw a rock and hit fifty shades of gray.
SCE to AUX Appliances (household and vehicular) have limited color choices, that's why.But today, if you want a crazy color, just buy a plain one and get it wrapped.