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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1995 SC This seems a bit tonedeaf.
1995 SC Well I guess that will be the final nail in the Mini EV's coffin here. It was already not especially competitive, had no range and was way overpriced for what you get, but I like to get stuff like that used and well depreciated on occcasion though I likely would have passed anyway due to the Chinese manufacture.
MKizzy If China-branded vehicles arrive on these shores filling the gaping hole of sizes, body styles, and price points largely abandoned by established automakers, they will immediately find an interested customer base among those low/middle income consumers whose parents were (un)happily puttering around in old Hyundai Excels and Yugo GVs. Personally, I do think BYD or another of their major automakers will eventually circumvent the tariffs by building in Mexico and sending vehicles north.
Lou_BC Are you not entertained?
Urlik Why it isn’t smaller like the CX-7 was compared to the CX-9. The size is why we passed, they need a tweener again.