More Car-Shopping Americans Are Considering
Making the Move to Electrics as Searches for New and Used EVs on
Cars.com Have Increased 84%, With Middle America Jumping on the EV
Bandwagon
CHICAGO, March 29,
2023 /PRNewswire/ -- Car-shopping marketplace
Cars.com™ (NYSE: CARS) today announced the release of its second
annual EV Buying Guide, a comprehensive resource created by
industry-leading automotive experts who evaluated 40-plus unique
electric vehicles currently on sale. Considering price, range,
style and comfort, our experts provide insights on the Best
Electric Vehicle of 2023 and Top EV Picks for Family, Value,
Commuters and Luxury. With more than 50 new EV models expected to
go on sale this year, Cars.com's 2023 EV Buying Guide helps
shoppers interested in understanding all facets of shopping,
purchasing and owning an EV.
"Families are starting to see EVs that reflect their lifestyles
and what they need from a vehicle, which is a variety of options
that make the car attractive and exciting from more than just a
fuel-savings perspective," said Brian
Normile, editor and EV Buying Guide expert at Cars.com.
"Plus, the influx of new EV models on the market — and the number
of models growing each year as automakers are doubling down on EVs
— is making pricing more competitive for consumers. Paired with tax
incentives and growing public-charging infrastructure, EVs are
starting to become a more practical and appealing option for many
who were previously hesitant to make the jump."
Consumer interest in EVs is growing. Searches for new and used
EVs on Cars.com's marketplace have increased by 84%, and some of
the biggest waves of new interest aren't just coming from the urban
coastal areas, but the very middle of Middle
America.2 North
Dakota, Mississippi,
Utah and Montana have all seen EV searches more than
double year over year,2 a shift likely due to the
greater market availability of a range of EV models. This includes
family vehicles like SUVs, hatchbacks and pickups from a wider
group of familiar brands, like Kia, Hyundai and Chevrolet.
The Consumer Conundrum: Availability, Accessibility and
Affordability
In a year fraught with economic uncertainty, consumers are
caught amid a slew of competing forces and priorities, which
Cars.com automotive experts address in this year's EV Buying Guide,
covering everything from financing to features and technology to
total cost of ownership. Even as 64% of in-market car shoppers say
the potential for cost savings at the pump is driving their
preference for an EV, just as many (61%) cite the EV cost as a
barrier to purchase.1
The other most common purchase barrier? Lack of public-charging
infrastructure. But in yet another reflection of consumers' EV
conflict, 69% of respondents say that public charging stations are
at least somewhat prevalent around their work or home, and over
half (54%) say they currently have access to EV
charging.1
Pandemic-related upheaval and inventory supply issues generated
pent-up consumer demand that automakers are just now beginning to
meet. The promise of long-term fuel savings and lower maintenance
costs, combined with attractive tax incentives and competitive
market pricing, make an EV a more appealing purchase option than
ever. Even the secondary market makes an EV seem like a no-brainer
investment; of EV owners who have traded in their electric
vehicles, 55% say they received more than expected on their
trade-in,1 and with used EV searches on Cars.com
up 145% year over year,2 there's no shortage of
interested buyers.
"The trade-in market may prove to be key for EV adoption in the
current economic climate as more models pop up in dealers' used
inventory," said Normile. "Even as half of in-market car shoppers
say they believe EVs are affordable, 62% believe a new EV will cost
an average of $40,000,1 and while there are
great options at — and even below — $40K, the median price is about $20K higher."
The 2023 Cars.com Affordability Report put the median price for
the EV category at just shy of $60,000, though solid value models are available,
including the Chevy Bolt EV 1LT at around $28,000 and the Cars.com Best Electric Vehicle of
2023 winner, the Hyundai Ioniq 5, which starts comfortably in the
low $40,000 range. Consumers
interested in understanding how much their vehicle is worth, can
generate an Instant Offer on Cars.com that can be redeemed for cash
at participating local dealerships across the country.
Access the 2023 Cars.com EV Buying Guide here. For more reviews,
car-buying advice and tips, visit Cars.com/EV.
1 Cars.com Consumer Survey; In-Market Car
Shoppers; March 2-6,2023; 1,254
responses
2 Cars.com Internal Data,
Feb. 2022-Feb.2023 YOY
ABOUT CARS.COM INC.
CARS is a leading automotive marketplace platform that provides
a robust set of industry-specific digital solutions that connect
car shoppers with sellers. Launched in 1998 with the flagship
marketplace Cars.com and headquartered in Chicago, the Company empowers shoppers with
the data, resources and digital tools needed to make informed
buying decisions and seamlessly connect with automotive retailers.
In a rapidly changing market, CARS enables dealerships and OEMs
with innovative technical solutions and data-driven intelligence to
better reach and influence ready-to-buy shoppers, increase
inventory turn and gain market share.
In addition to Cars.com, CARS brands include Dealer Inspire, a
technology provider building solutions that future-proof
dealerships with more efficient operations and connected digital
experiences; FUEL, which gives dealers and OEMs the opportunity to
harness the untapped power of digital video by leveraging
Cars.com's pure audience of in-market car shoppers, DealerRater, a
leading car dealer review and reputation management platform,
automotive fintech platform CreditIQ, and Accu-Trade Group, a
leading provider of vehicle acquisition technology and valuation
data.
The full suite of CARS properties includes Cars.com™, Dealer
Inspire®, FUEL™, DealerRater®,
CreditIQ™, Accu-Trade™, Auto.com™, PickupTrucks.com™ and
NewCars.com®. For more information, visit
www.Cars.com.
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SOURCE Cars.com Inc.