“EV pricing has only minimally increased in the last seven years while pricing for new internal combustion engine vehicles has spiked almost 19 percent. This affordability gap, as it closes, is one of the key areas of educational opportunities for both dealers and OEMS to help consumers to understand what is really a valid option for them,” she said.
Misconceptions about battery longevity are also abounding. Even among respondents who are considering an electric car purchase, 50 percent viewed the average battery life of EVs at 100,000 miles or more, while 46 percent stated that they believe the average battery life of an EV was only 65,000 miles or less. In comparison, Consumer Reports notes that the expected lifespan of an internal combustion engine is about 200,000 miles.
Quite interestingly, dealers who participated in the survey admitted that they are experiencing operational challenges in pushing EV sales. Apart from vehicle costs and battery longevity, 55 percent of dealers reported a lack of inventory and available models as difficulties, while 54 percent stated that they see lower ROI for EVs compared to internal combustion cars. A third of the dealers in the study also pointed to the lack of OEM sales, marketing support, and poor sales training as a challenge for more electric car sales. Only 9 percent of dealers stated that carmakers are exerting pressure to hit EV sales targets as well.
Cox Automotive’s full press release on its recent EV study could be found here.