More U.S. car buyers are considering going green as gas prices soar to record highs, Edmunds data shows

“Green vehicles – especially electric vehicles – have become increasingly important to American consumers over the past year as more automakers generate buzz around new products and make strong commitments. in favor of an electrified future. But the main surge of interest lately is certainly more of a reaction to the record gasoline prices caused by the war in Ukraine,” noted Jessica Caldwell, executive director of Edmunds Ideas. “Unfortunately, it’s not particularly easy to buy an electric vehicle right now due to inventory shortages, and the price-sensitive consumers most affected by gas price increases will likely find the change to be also a bit out of financial reach due to the premiums that these vehicles command.”

According to data from Edmunds, the average transaction price of a new electric vehicle has climbed to $60,054 in February, which was $1,820 more than their average MSRP of $58,234. The average transaction price for a new vehicle (including electric vehicles) was $45,596 in February, which was $680 above the average MSRP of $44,916.

Although electric vehicles don’t offer much savings in today’s market, Edmunds analysts acknowledge that there are many reasons other than gas prices that consumers are considering going green when their next purchase.

“Automakers have been clear for some time that electric vehicles are the future of the industry and that environmental sustainability is a growing concern for consumers,” Caldwell said. “If jumping into a new electric vehicle is a top priority for you right now, making a purchase won’t be particularly easy, but there are steps you can take to make the process easier.”

To help consumers looking for a starting point, Edmunds experts have put together an insider’s guide:

  • Determine if an electric vehicle is right for your budget and lifestyle needs. Edmunds editors have put together a Complete Electric Vehicle Buying Guide for Buyers to help consumers understand the pros, cons and options available in the growing electric vehicle market. They also rank the best electric vehicles of 2022 and 2023 here.
  • Consider EVs from brands that have shorter wait times or more available inventory. Check with the manufacturer’s website before placing your pre-order to make sure the schedule is right for you. With the continued shortage of semiconductors and other supply chain issues, wait times are fluid and not guaranteed. Examples include:
    • Rivian’s website says there is no delivery date guarantee if you book today.
    • The Tesla website states that wait times depend on the model:
      • Model 3: May 2022
      • Models: July 2022
      • Model X: October 2022January 2023
      • Model Y: April 2022August 2022
    • Ford’s website says new orders for the Mustang Mach-E have an estimated delivery time of 20-28 weeks (though Edmunds experts note that some pre-orders from last year are still awaiting delivery. ).
    • Polestar’s website says fully bespoke ordered vehicles will be available from here June 2022but Edmunds experts note that delivery could come sooner if you buy a factory-built model
    • Volkswagen has inventory of the ID.4 available for sale, but it is a model whose production is directly affected by the conflict in Ukraine.
  • Consider a plug-in hybrid or regular hybrid vehicle. Edmunds experts note that plug-in hybrids and hybrids offer more fuel efficiency than regular gas-powered vehicles and may be more widely available than electric vehicles right now, which could be a good trade-off for consumers. Edmunds lists some of the best plug-in hybrids and regular hybrids of 2022 and 2023 here.
  • Consider a used electric vehicle, but be aware of potential pitfalls. Older electric vehicles can offer cost savings, but at the cost of lower efficiency and shorter ranges.

“There are very few scenarios in today’s market where impulse buying a new vehicle – EV or not – simply to save on fuel costs will result in savings. Once you factor in the monthly payment and insurance costs, you’ll likely spend more than you save on gas,” said Ivan Drury, senior director of knowledge at Edmunds. “But if you’re already looking for a replacement vehicle, you might take this spike in fuel prices as a reminder that while many other aspects of vehicle ownership have fixed monthly costs, the Fueling can vary dramatically. Since buying the most fuel-efficient vehicle possible is the only way to minimize this variable, now may be the time to consider a partially or fully electrified powertrain.”

On Edmunds
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[1] Weekend February 6 compared to the weekend March 62022
[2] Weekend March 6, 2022

SOURCE Edmunds

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