June 20, 2024

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Most Americans Would Still Prefer An ICE Over An EV, Regardless Of Price

Most Americans Would Still Prefer An ICE Over An EV, Regardless Of Price

A study from Australian insurance comparison site Compare the Market has revealed that Americans still favor ICE-powered vehicles over electric vehicles, despite consumers in Australia and Canada preferring EVs.

The study started by asking consumers whether they’d prefer to own an ICE vehicle or an electric vehicle at the same price. No less than 53 per cent of Americans said they would prefer a traditional vehicle compared to 34 per cent who would prefer an EV. The rest had no preference either way. This contrasts to Australia where 50.8 said they would prefer an EV and Canada where 51.4 per cent of respondents said they would prefer an EV.

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Of those Americans that would prefer to own an EV, 18-24 years olds were the most likely to opt for an EV, with 43 per cent preferring them over ICEs. By comparison, upwards of 70 per cent of people aged between 55-64 would prefer an ICE.

There are a few key reasons why many consumers in the U.S. are not yet convinced by electric vehicles, the study reveals. For example, 56.4 per cent of people said the main barrier to entry was battery life and replacement costs. The purchase price was also an issue for 54.4 per cent of people, driving range was a concern for 50.9 per cent of those asked, and charging times concerned 50.5 per cent of people.

Interestingly, Americans are more likely to favor an EV if they are spending big. Compare the Market found there are twice as many people that would spend more than $65,000 on an EV than those that would spend the same amount on a traditional vehicle. Importantly, 32.5 per cent of Americans would only be willing to spend a maximum of $25,000 on an electric vehicle, meaning there is not a single EV currently accessible to them within their budget. A further 20.9 per cent also wouldn’t be willing to spend more than $34,999 on an EV.

Vehicle preferences in America

Vehicle preferences in Canada

Vehicle preferences in Australia