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2022-07-30 08:30:41 By : Mr. Rex Chang

The next time Americans are shopping for another vehicle, one in four will be looking to bypass the gas pump and purchase something they can plug in to charge.

A new national survey by AAA shows that a quarter of consumers plan to go electric for their next vehicle purchase -- fully electric, not hybrid.

The most common factor for those interested in buying an electric vehicle (77%) is a strong desire to save on fuel costs.

"Consumers who are fed up with the wild price swings at the pump, may be more willing than ever to make the switch to an electric vehicle," AAA spokesperson Montrae Waiters said in a statement. "Record-high gas prices have brought the cost of owning an EV more in line with a standard gasoline-powered vehicle."

AAA determined the cost of charging an EV is two to four times less than fueling a gasoline-powered vehicle. If charging at home, it costs an average of 3.5 cents per mile -- around $10 per full charge; at a public charger, it costs about 7 cents per mile -- around $20 per full charge. In comparison, based on a national average price of $4.66 per gallon, drivers spend about 15 cents per mile -- about $70 for a full tank.

The auto club says EVs also cost less to maintain, because they don’t have spark plugs, need oil changes or air-filter replacements. Depending on the vehicle's warranty, however, EV owners may need to cover the cost of a new battery, which ranges in price from $2,500 to over $10,000.

"Although it may cost more money up front, EVs cost less to charge, maintain, and are more efficient," said Waiters.

EV sales continue to steadily rise within the United States, according to AAA. In 2021, almost 450,000 EVs were sold – an 88% increase year over year. Despite rapid growth, EVs account for less than 1% of cars and trucks being driven today. However, industry analysts forecast the share of EVs on the road will reach 15% by 2030, and 50% by 2050.

Even as more Americans lean into electric options, AAA found many are hesitant to make the switch due to lingering concerns relating to range, purchase price and availability of public charging options.

"The anxiety surrounding range for consumers is often more of a perceived issue, until they learn more about it," Waiters continued. "Many EV owners cite range as one of the things that concerned them before purchasing the vehicle. Yet those concerns disappeared as they learned to integrate their electric vehicle into their lives."

Six in ten Americans think EVs can travel between 100 to 350 miles before running out of charge, which aligns with today's capabilities, AAA said.

While EV owners do 75% of their charging at home, data from the Department of Energy suggests there are nearly 55,674 charging stations throughout the nation. Most stations are installed at hotels, car dealerships, office buildings, shopping centers and federal government facilities.

Currently, there is only one active federal tax credit for EVs, according to AAA. Battery electric vehicles and plug-in hybrid electric vehicles purchased in or after 2010 are eligible for a federal income tax credit of up to $7,500, with EVs with larger battery capacity eligible for more significant tax credits.