Despite finally starting to gain traction, EVs and plug-in hybrids will continue to struggle until prices decrease according to a new study.
Less a surprise and more an affirmation of common sense, a study released Thursday by J.D. Power and Associates said the cars cost too much. On Average, an EV carries a $10,000 premium or $16,000 for a plug-in, according to the study.
Special lease rates and tax refunds have helped buoy cars for the Chevrolet Volt, which is currently the best-selling plug-in hybrid in the U.S., but at $39,995 the car is prohibitively expensive for many.
“There is still a disconnect between the reality of the cost of an EV and the cost savings that consumers want to achieve,” Neal Oddes, senior director of Power’s green practice said to Automotive News.
Currently, it takes more than six years to recoup the cost premium of an EV through gasoline savings and 11 with a plug-in hybrid. By then, drivers are likely to have met the ugliest side of electric transportation: battery problems.
Earlier in the year, a group of Nissan Leaf owners complained that in as little as a year of driving, their cars weren’t able to hold a full charge.
Finally, the study found that range anxiety is still a key issue with drivers citing concerns that charging stations aren’t available enough to meet their driving needs.
[Source: Automotive News]