Americans are less interested in buying EVs this year compared with 2023.

Just 18% of U.S. adults in a new American Automobile Association survey said they are likely or very likely to buy a new or used EV compared with 23% who said so in 2023.

What You Need To Know

  • 18% of U.S. adults said they are likely or very likely to buy a new or used EV in a new American Automobile Assn. survey

  • In 2023, 23% said they were likely or very likely to buy an electric vehicle

  • Cost, a lack of convenient charging options and range anxiety were the main reasons

  • 31% of U.S. adults are likely or very likely to buy a hybrid, the survey found

“Early adopters who wanted an EV already have one,” AAA Automotive Research Director Greg Brannon said in a statement. “The remaining group of people who have yet to adopt EVs consider the practicality, cost, convenience and ownership experience, and for some, those are big enough hurdles to keep them from making the jump to fully electric.”

Cost, a lack of convenient charging and range anxiety were the main reason 63% of respondents said they were unlikely or very unlikely to purchase an EV for their next vehicle. About 30% of those surveyed said they were unable to install a charging station where they live.

The lack of good charging options is increasing interest in hybrid vehicles that run on a combination of gas and electricity. The survey found that 31% of U.S. adults are likely or very likely to buy a hybrid.

“Deciding to make the leap to full electric may feel overwhelming for many consumers, and a hybrid option may be the way to bridge this gap,” Brannon said. “Consumer demand will ultimately dictate the future.”

Brannon expects the roads will have a mix of electric vehicles, hybrids and internal combustion vehicles “for many decades ahead.”

The AAA survey comes as prices for both new and used EVs are declining. The average transaction price for a new electric car was $55,242 in April compared with $44,989 for a gas-powered vehicle. While expensive, the price of a new EV fell 9% in the first quarter of 2024 compared with 2023.

A new iSeeCars analysis found the average used EV has lost 30% of its value over the past year. The average used EV price is now $28,767 compared with an average of $31,424 for a used gas-powered car.