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Americans Frustrated By High Gas Prices Not Likely to Buy EVs

by | June 14, 2024

With gas prices averaging just under $3.50 a gallon, Americans are frustrated. They believe prices are too high and while that might lead you to believe they’re going to turn to electric vehicles in larger numbers, you’d be wrong.

Los Angeles gas prices on 11-21-21

Gas prices have been on the decline for weeks now, but Americans remain frustrated by how high they are.

They’re looking to save money on gas.

According to AAA, the current average price for gas in the U.S. is $3.46 a gallon, which is down 15 cents a gallon from just a month ago. It’s also down from a year ago when it was $3.59 a gallon. Some parts of the country are paying more than $4 a gallon, but the majority of the country ranges between $2.93 and $3.29 a gallon.

That said, if there’s one thing that Americans love to complain about, it’s the price of gas. They also enjoy finding and share ways to save a few bucks on go-go juice, especially during the summer when more people tend to be on the road.

Saving some cash conducted a poll to find out how Americans relieve their stress about high gas prices. The results show that if nothing else, we like a deal. The poll also showed that 73% believe gas prices are too high.

Ford Lightning Charging

Americans unhappy with gas prices aren’t rushing to electric vehicles.

To try to find a good deal, 80% compare gas prices before they decide where they’re going to fill up. If you want to lure people to your gas station, bulk up your rewards program as 61% of people think gas rewards credit cards are a good way to save money on fuel purchases.

They also note that 70% of people said rewards programs make them feel better about paying high gas prices. A search of social media will turn up any number of pictures of thanking Kroger or some other retailer for cutting the price of gas through credits earned while shopping there — confirming people like rewards.

In fact, if you could only earn rewards on one type of purchase, WalletHub found 73% of people wanted gas rewards compared to airfare (9%), hotels (7%) and Uber/Lyft/Taxi (7%).

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What about EVs?

WalletHub asked respondents if high gas prices make consumers want to buy an electric car. Fifty-one percent said no while 49% said yes. However, more in-depth polling suggests what they more likely mean is they’d get one under ideal conditions.

Although many like the idea of paying less to fuel, or in this case, charge up a vehicle the real-world case for EVs is a tougher sell, according to AAA. They recently asked Americans about buying an EV and the answers suggest that consumers believe that electric vehicles aren’t ready for prime time.

Only 18% of U.S. adults say they would be “very likely” or “likely” to buy a new or used EV (not a hybrid) —down from 23% last year. Even more revealing, 63% cited “unlikely or very unlikely” to purchase an EV for their next car purchase. AAA EV purchase graphic 6-14-24

According to AAA, consumers remain concerned about the higher price for an EV compared with a gas-powered vehicle — it’s $10,000 to $15,000 more for a new EV right now, depending upon which brands are compared.

Other issues include a lack of convenient charging stations, range anxiety and the inability to install a charging station at their residence. In short, accessible, reliable, affordable, and convenient charging is key to growing EV interest and adoption.

“Early adopters who wanted an EV already have one,” said Greg Brannon, director of automotive research at AAA. “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.”


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