Here’s What Electric Vehicle Buyers Really Want

| + More Articles
  • Like on Facebook
  • Share on Google+
  • Share on LinkedIn
Source: Thinkstock

Source: Thinkstock

If only one word could be used to describe electric vehicle buyers’ main motivation, it would be “practicality.” The California Center for Sustainable Energy recently revealed the results of its Clean Vehicle Rebate Project (CVRP) User Survey administered between October 2013 and May 2014, which included vehicles bought after September 2012 and up to April of this year. At least in the Golden State, the biggest factor in buying decisions was fuel cost savings, though environmental and commuting factors also weighed on many EV buyers.

It’s about the money

Of the nearly 8,500 respondents in the CVRP survey, 37 percent said “saving on fuel costs” was the primary reason they opted to purchase a plug-in electric vehicle in the past 19 months. That overwhelmed the second-most cited answer, “reducing environmental impacts,” which 21 percent said was their primary reason for buying an EV.

What about the higher MSRP of EVs, one might ask? In addition to the $7,500 in federal rebate, California offers $2,500 in state rebates for fuel cell vehicles, all-electric models, and even some “range-extended” cars (plug-ins with gas motors) like the BMW i3 REx. Knock $10K off the price of a green car and consumers in the country’s biggest auto market are clearly ready to play ball.

Operating costs were not ignored by any stretch. The CVRP survey showed a majority knew of special EV charging rates, with 62 percent of respondents taking advantage of these rates when juicing up a car’s battery. Throw in the cost of fuel savings over five years for a car like the Ford Focus Electric — estimated at $9,000 — and EV drivers have good reason to know where their bread is buttered. Californians didn’t forget about the energy independence or their commute to work, either.

More Articles About:

To contact the reporter on this story: staff.writers@wallstcheatsheet.com To contact the editor responsible for this story: editors@wallstcheatsheet.com

Yahoo Finance, Harvard Business Review, Market Watch, The Wall St. Journal, Financial Times, CNN Money, Fox Business