Drivers List Cost as Biggest Factor when Considering Whether to Buy an EV, Hankook Finds

Drivers List Cost as Biggest Factor when Considering Whether to Buy an EV, Hankook Finds

Hankook Tire's Gauge Index: EV Edition examines what drivers need to know before hitting the gas on an EV purchase.

The decision to purchase an electric vehicle (EV) is driven by cost and convenience, according to Hankook Tire. Amid high vehicle and fuel costs, the tiremaker’s latest Gauge Index: EV Edition examines what drivers need to know before hitting the gas on an EV purchase.

Hankook found drivers are most likely to consider overall cost (49%) and accessibility of charging stations on long drives (46%) when deciding whether or not to purchase or lease an EV. Tax and government incentives took a far backseat, as only 16% said it would influence their purchasing decision.

Cost has continuously been top-of-mind for drivers looking to make the EV switch. Earlier this year, Hankook found more Americans said they would drive EVs if they cost the same as their gas-powered counterparts. What’s more, according to an October 2022 Gauge survey, savings on gas or maintenance were the most appealing reasons for nearly two-thirds of drivers (65%) to switch.

Americans also remain mindful of the overall EV charging infrastructure. Over half (55%) of drivers Hankook surveyed in September said they would be more likely to consider driving an EV if charging stations were more accessible to where they work and live. In April, Hankook discovered one of the primary reasons Americans would not be comfortable driving an EV was concerns over finding somewhere to charge it (23%).

When looking at the broader mobility landscape, Americans have a favorable view of EVs. Hankook asked which next-gen mobility solutions Americans were most interested in, and 65% said electric vehicles or autonomous vehicles (65%) followed closely by connected vehicles (62%).

The Hankook Tire Gauge Index is a survey of Americans’ attitudes and opinions about driving. The latest survey, conducted Nov. 16-20, polled 1,000 randomly selected Americans age 18 and older who have a valid U.S. driver’s license.

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