Pricing Analysis shows consumers willing to pay $20,000 – $30,000 for an EV
It’s clear that consumer attitudes towards EVs are complex and vary by demographic factors such as gender, age, political affiliation, and location. Range anxiety and charging infrastructure are major concerns for potential EV buyers, as are cost and various other factors such as software problems and safety/reliability.
The optimal price point for an EV appears to be in the $20,000 to $30,000 range, with $24,000 being the point where an equal percentage of consumers find the price too expensive or too cheap. Affordability is a key concern for many Americans, including in the context of auto repair and maintenance.
Safety features are the top priority for car-buyers overall, followed by visual appeal, seat features, and convenience features. Urban and rural adults differ in their ideal vehicle type, with rural adults more likely to prefer gas-powered vehicles and urban adults more likely to prefer all-battery electric vehicles.
The poll from Quest also found that safety features are the most important factor for car-buyers overall, with 69% of respondents ranking it as their top priority. This was followed by visual appeal (50%), seat features (41%), and convenience features (39%). However, there were some differences in priorities between urban and rural adults. Rural adults were more likely to prioritize hauling capacity (44%) than urban adults (15%), while urban adults were more likely to consider environmental impact (36%) as a factor in their ideal vehicle compared to rural adults (15%).
It is important to note that cost and affordability remain a significant concern for many Americans when it comes to auto repair and maintenance, particularly for lower and middle-income individuals. This suggests that there is a potential market for more affordable and accessible repair services that cater to the needs of these consumers. Additionally, the prioritization of safety features among car-buyers suggests that there may be demand for vehicles that prioritize safety and other important features over luxury or aesthetics.
