We have talked a lot about the technological advancements of the auto industry in both the vehicles themselves and the marketing behind them here at Interactive 360, especially when it comes to electric vehicles. After all, if you are not innovative, you are going to be left behind. However, as consumer education rises, especially when it comes to pricing factors, new studies have shown that consumers are relatively unaware of incentives relating to the purchase and ongoing care of electric vehicles.
We are all aware of the rise in popularity of EV (electric vehicles) and sooner or later, it’s a safe assumption to say that there will be more electric and hybrid vehicles on the road than gasoline powered ones… at some point at least. As technology continues to advance, electric and hybrid cars will continue to surpass gas-powered cars in, not only miles per gallon and sustainability, but also affordability.
An Indiana University study was released that surveyed more than 2,000 drivers in 21 of the nation’s largest cities. They discovered that 95% of respondents were not aware of state and local subsidies, rebates and other incentives in relation to electric and hybrid vehicles. Seventy-five percent also were uninformed about the savings in fuel and maintenance costs that all rechargeable cars, such as battery-electric and plug-in hybrid cars, offer over traditional gasoline vehicles.
The Proof is in the Pudding
Let’s compare three popular vehicles in the gas, hybrid and electric categories; respectively, the Hyundai Sonata, the Ford Fusion Hybrid and the Nissan Leaf. The average purchase price of the Nissan Leaf is right around $23,000, followed by the Hyundai Sonata at around $25,000 and the Ford Fusion Hybrid at almost $30,000. Over a period of ten years though the total cost of ownership jumps to about $64,000 for the Nissan Leaf, approximately $82,000 for the Ford Fusion Hybrid and incredibly $90,000 for the gasoline powered Hyundai Sonata.
As logical as this all might seem for a consumer to opt for an electric or hybrid vehicle, there will always be a car enthusiast out there that lives to hear the throaty growl of a turbo charged, gas guzzling V8 roar up in the driveway.