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2024 research round-up: Electric vehicles (EVs)

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    Quick insights

    • You may want to consider researching electric vehicles prior to purchasing one, as each has their own specific factors to consider.
    • Research shows that electric vehicles may help consumers save money and have a positive environmental impact.
    • Trends show that purchases of electric vehicles may continue to soar in the near future.

    More than 90% of electric vehicle (EV) buyers already know what vehicle they want to purchase before walking into the dealership, according to a study from Cox Automotive. That means that EV buyers are far more likely to do research on their own than they are to seek information from in-person salespeople. To make that research journey easier, we rounded up some of the most significant EV research in one place.

    Costs

    Cost savings is one of the top five reasons consumers are considering EVs, according to Cox Automotive. Automotive research company Vincentric analyzed cost differences between 41 EVs and their internal-combustion engine (ICE) counterparts. The evaluation looked at more than 5,300 vehicle configurations from 2023 and 2024 models. Here’s what that analysis found:

    • Total costs: Nearly half—49%—of the EVs studied had a lower “total ownership cost” than their ICE equivalents. While EVs typically cost more at the outset, they also typically save buyers thousands of dollars over time.
    • Fuel and maintenance costs: EVs saved money in fuel and maintenance costs—all 41 EVs cost less to fuel, and more than 90% cost less to maintain.
    • Purchase prices and depreciation costs: More than 80% of EVs cost more to purchase than comparable ICE vehicles, but nearly half of EVs will make up for their higher purchase price within seven years. Only 10 EVs had lower depreciation costs.

    Read more about EV affordability factors and EV maintenance.

    Environmental impacts

    More than half of potential consumers listed environmental benefits as their reason for considering an EV. The environmental impact of EVs was analyzed by BloombergNEF, which found the following:

    • Manufacturing: Air pollution generated by the manufacturing of mid-size EVs and their batteries in 2023 was up to 2.7x higher than for equivalent ICE vehicles.
    • Fueling: While EVs have no tailpipe emissions, the electricity used to fuel EVs is only considered “clean” if the electricity is generated by clean energy sources.
    • Lifecycle: When evaluating the lifecycle emissions of EVs, the analysis found that EVs have lower emissions than their ICE counterparts over their lifecycle—equal to about 40% less carbon emissions when driving. Just how much less depends on how far the EV is driven and the composition of the electricity grid where it’s charged.

    Tax credits

    Although EVs have higher upfront costs, there are several fuel savings and government incentives that can help reduce costs overtime. The U.S. Department of Energy lists the most up-to-date federal- and state-level incentives applicable to EVs.

    Through 2032, consumers can receive a tax credit of up to $7,500 for qualifying new EVs and up to $4,000 for qualifying used EVs. Qualifications include car weight, income and retail price, among other factors. Buyers can also receive a tax credit for purchasing eligible EV charging equipment for their home—typically 30% of the cost, up to $1,000.

    Read more about tax credits.

    Charging

    Some potential EV buyers may worry about the availability of nearby charging stations, but charging stations are becoming more accessible.

    A recent study by Pew Research found that 64% of Americans lived within two miles of a public charging station. While the report found that charging stations are most accessible to urban residents, it also found that charging stations can be found in two-thirds of all U.S. counties, which is home to 95% of the total population.

    What’s more, federal tax credits have incentivized more EV charging stations across the U.S., leading to a 34% growth rate of stations in rural areas.

    As of June 2024, there are more than 70,000 public charging stations across the U.S.—more than double the amount in 2020.

    Read more about EV charging.

    Trends

    The International Energy Agency (IEA) published its annual Global EV Outlook 2024, which analyzes trends in EV models, batteries, the EV industry and more. The report found that EV sales grew by around 25% in the first quarter of 2024 and could reach 17 million by the end of the year. IEA estimated that two-thirds of all cars sold in 2035 could be electric, if national energy and climate targets made by governments are met.

    In EV sales, the report found that nearly 600 EV models are now available, with most being larger vehicles and SUVs. Used EVs are also becoming a more widely available and affordable option—in the U.S., more than half of used EVs cost below $30,000.

    In summary

    EV buyers like to do research and often go into the dealership already knowing what vehicle they want to purchase. From EV trends to cost savings, we rounded up the 2024 EV research potential buyers need in one place.

    To learn more about EVs, visit www.Chase.com/EV.

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