EVs Get More Affordable
Report says many mass-market consumers would also seriously consider buying one.
Though the average manufacturer suggested retail price of an EV is more than $2,200 beyond that of a comparable gas-powered car, incentives and tax credits can close that difference.
Pexels/Cėsar Baciero
A newly released study says electric vehicles now cost less than gas-powered models when all the costs over an entire ownership are calculated.
That could bode well for flattening EV sales as the industry has struggled to convince mass-market consumers to switch from gas to electric.
In fact, the J.D. Power report indicates more mass-market shoppers, or those whose median household incomes are under $150,000, say they’re very likely to consider an EV for their next purchase than any other auto consumer segment.
Though J.D. Power said the average manufacturer suggested retail price of an EV is more than $2,200 beyond that of a comparable gas-powered car, incentives and tax credits can close that difference. When those are taken into account, it said the average transaction price for consumers is just $83 beyond the comparable gas models.
EVs are also more affordable due to lower operating costs and increased 2024 Tesla residual values, J.D. Power said.
Originally posted on Auto Dealer Today
More Industry
Pennsylvania Dealership Under New Retailers
The sale of the Chrysler Dodge Jeep Ram store puts a family auto group on a leaner path as first-time dealers take the helm.
Read More →
Battery Storage Takes Priority Over EVs
U.S. automakers are prioritizing battery energy stationary storage over electric-vehicle production as the consumer demand for EVs lags the rest of the world.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
New-Vehicle Sales Picture Relative
A May forecast is complicated by last spring’s trade tariff effects on auto retail. Despite continued hard realities, many consumers took advantage of ways to bite the bullet.
Read More →
Auto Group Acquires Third Nissan Rooftop
Iowa-based Coleman Automotive Group recently acquired its seventh dealership, McGrath Nissan, which it renamed Nissan of Elgin.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Building an Extraordinary F&I Agency
Work to determine your specialized talent, because that fact will determine everything about your agency’s future.
Read More →
Recipe for Compliance
The secret to both amazing barbecue and compliance is the same: understanding the basics and committing to a process.
Read More →
EVs Getting More Attractive
A growing percentage of U.S. consumers are open to switching and fewer are adverse to the idea, according to a recently completed survey. That’s despite the end of a tax break.
Read More →
EV Sales Drop in April Following Surge
North American electric-vehicle sales were down 28% year-over-year, a sharp contrast from global EV sales growth of 6%.
Read More →