Rising Fuel Prices Have Generated Unprecedented Interest in Electric Vehicles According to New TrueCar Study

Apr 12th, 2022 7:00 EST

SANTA MONICA, Calif., April 12, 2022 /PRNewswire/ — TrueCar, Inc. (NASDAQ: TRUE), the easiest, most efficient and transparent online destination for buying and selling new and used vehicles, recently commissioned a survey of 1,000 U.S. adults about their attitudes and shopping behaviors in regards to electric vehicles. The survey showed that rising fuel prices have garnered unprecedented interest in EVs among a wider array of consumers than ever. In fact, over the last month TrueCar experienced a 380% increase in EV prospects year-over-year and a 180% jump year-over-year for hybrids.

The TrueCar survey found that the proportion of consumers who say they are “extremely likely” to purchase an EV increased by 50% from July 2021 (from 14% to 21%). “Now, budget-minded shoppers have joined the technophiles and environmental stewards who represented many of EVs’ early adopters,” said Mike Darrow, President and CEO at TrueCar. “Throughout the last month we’ve seen a huge spike in electric vehicle and hybrid prospects on TrueCar sites. As for the EV that has been most popular, we’re seeing Kia’s EV6 as the vehicle with the highest scarcity,” he said.

With fuel prices at an all-time high, 57% of survey respondents say they are now more likely to consider an EV due to those rising costs. Of those planning to make a purchase in the next six months, two-thirds say they are now more likely to consider an EV.

Even so, consumers still have varying levels of interest in EVs. Men remain more likely to purchase an EV than women (59% vs. 45% likely), but interest among both groups has increased since July 2021, and the gender gap has narrowed. The age groups most likely to consider an EV have moved younger in that timeframe, with 20–29-year olds now the most likely to consider an EV.

Although EV consideration has grown significantly, there are still meaningful concerns around the related issues of charging and range. Access to charging remains key: 70% of those who say they are unlikely to purchase an EV do not have access to charging at home. And of these, two-thirds cannot install a charging station at home, making a dense public infrastructure critical for widespread adoption.

Mike Darrow provides commentary on the survey in this video.

Note: For any interested parties who would like to discuss the survey further, Mike Darrow will be at the New York Auto Show, April 12 and 13.

About TrueCarTrueCar is a leading automotive digital marketplace that enables auto buyers to connect to our nationwide network of Certified Dealers. We are building the industry’s most personalized and efficient auto buying experience as we seek to bring more of the purchasing process online. Consumers who visit our marketplace will find a suite of vehicle discovery tools, price ratings, and market context on new and used cars – all with a clear view of what’s a great deal. When they are ready, TrueCar will enable them to connect with a local Certified Dealer who shares in our belief that truth, transparency, and fairness are the foundation of a great auto buying experience. As part of our marketplace, TrueCar powers auto-buying programs for over 250 leading brands, including AARP, Sam’s Club, Navy Federal Credit Union and American Express. TrueCar is headquartered in Santa Monica, California, with an office in Austin, Texas.

SOURCE TrueCar.com

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