SHOPSMART AUTOS – CUSTOMER INFORMATION – SEPTEMBER 28, 2021
Electric vehicle prices finally in reach of millennial, Gen Z car buyers (PT.2)
Cox Automotive’s research shows that electric vehicles are closing the gap in expected range. A Nissan Leaf has a range of approximately 225 miles, while Gen Z’s average estimated range for electric cars is 218 miles; for millennials the average estimated range is 248 miles. The density of younger consumers in urban areas can be a reason for the limited appeal of electric cars, said Jessica Caldwell, executive director of insights at Edmunds. According to the 2017 census, 17.8% of people living in New York City were between the ages of 25 and 35, the age group with the highest percentage. Younger people who live in many urban areas may not need to own a car – public transportation is the norm. But Lai, who lives in the San Francisco Bay Area, said public charging stations helped make an EV work for his lifestyle.
“You have to live in a place where you can charge it,” said Lai. Although he does not have a home-charging station, he said he has the ability to use charging stations at his place of work, as well as free stations in public spaces like grocery store parking lots. Buying a used electric vehicle is cheaper than buying a new one, with used EVs costing between 43% to 72% less than new ones, depending on the model, according to Edmunds. local utility for home charging. He was surprised by how inexpensive it is to maintain and power his car, spending $14 on charging fees in August. For 25-year-old Brain LaClair, buying a used electric car was the best option for him. LaClair recently purchased his first electric car in July, a used 2017 Nissan LEAF. While he admits the engines on newer models are much better, he said his can go 120 miles before needing to charge, fitting into his daily commute of roughly 40 to 50 miles. “A lot of people my age would be able to afford an electric vehicle if they looked into it,” he said. “I really don’t think that it’s a thought that really crosses a lot of people’s minds, because when they think about electric cars, they think about Tesla.” The Electric Vehicle segment will get lower in price but not right now, the battery life will have to improve but until then, $40K to $50k is the range.
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