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ByGreg Wilson, CFA Updated onNovember 21, 2024 Reading Time: 11 minutes
Home » Money Matters » 20 Real Reasons Many Americans STILL Refuse to Buy Electric Cars

20 Real Reasons Many Americans STILL Refuse to Buy Electric Cars

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A sleek, silver electric car is driving on a highway. The car has a futuristic design with a curved roof and large windows. Despite common concerns about electric cars, the background shows a blurred landscape, indicating high speed.

The push towards electric vehicles (EVs) is stronger than ever, propelled by government incentives and the promise of a greener future.

While the allure of EVs is undeniable, there are several stark realities potential owners and enthusiasts should be aware of.

But there are challenges with electric cars. Many of these issues with electric cars you will not find in a brochure, but you will find them in this article.

Table of Contents

  • 1. Range Anxiety Is a Genuine Concern
  • 2. Charging Times Can Be Prohibitive
  • 3. Higher Initial Cost
  • 4. Limited Model Options
  • 5. Costly Home Charging Installation
  • 6. Depreciation Rates
  • 7. Overpromises in EV Market: Self-Driving Features and True Range Concerns
  • True Range of EVs
  • Self-Driving Features
  • 8. Scarce Second-Hand Market
  • 9. High Maintenance and Repair Costs
  • 10. Inadequate Public Charging Infrastructure
  • 11. Expensive Battery Replacement Costs
  • 12. Environmental Impact of Battery Production
  • 13. Dependency on Non-Renewable Energy
  • 14. Limited Recycling Infrastructure for EV Batteries
  • 15. Sensitivity to Extreme Weather
  • 16. Charging Stations Can Be a Pain To Deal With
  • 17. People Are Afraid Of Change
  • 18. Political Associations
  • 19. Skepticism Around Technological Security
  • Potential Vulnerabilities
  • 20. People Are Not Shopping For Cars, Yet
  • Conclusion

1. Range Anxiety Is a Genuine Concern

Image Credit: Pexels

The average gas-powered vehicle can travel 300-720 miles on a full tank. In contrast, most EVs offer significantly lower ranges, often between 150 to 300 miles per charge.

With the charging infrastructure still nascent, range anxiety remains a valid fear among potential EV owners. The scarcity of charging stations compared to gas stations exacerbates this issue, making long trips a logistical challenge.

2. Charging Times Can Be Prohibitive

Why Should Invest in a Tesla. Tesla Charging
https://unsplash.com/photos/L1_XWJ_bRSM

Unlike the 8-minute fill-up at a gas station, charging an EV can take anywhere from 30 minutes at a fast-charging station to several hours at home or standard charging points.

This longer “refueling” time can be inconvenient, especially for those with busy schedules or in emergencies.

Related: 12 States Banning Gas-Powered Cars, Even Though Americans Still Want them

3. Higher Initial Cost

Image Credit: Pexels

As of 2023, the average cost of a new car in the U.S. was approximately $48,000, while EVs averaged around $60,000.

This $12,000 premium, even with potential tax credits factored in, represents a significant barrier to entry for many consumers.

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Additionally, insurance and maintenance costs can be higher for EVs, although they vary by model and region.

Related: How To Save On Car Insurance: 13 Ways To Lower Car Insurance Premiums

4. Limited Model Options

With only 40 EV models available in the U.S. as of 2023, consumers have limited choices compared to the vast array of gas-powered vehicles.

This scarcity affects those with specific needs or preferences, although the industry is rapidly evolving, with more models expected to launch in the coming years.

5. Costly Home Charging Installation

Image Credit: Pexels

Installing a home charging station can cost between $1,000 and $2,500, a significant investment on top of the purchase price of an EV.

While this offers the convenience of charging at home, the upfront cost and potential home electrical upgrades can deter many potential buyers.

Related: 15 Do It Yourself Solutions for Cutting Your Monthly Electric Bill.

Sometimes the cost is even greater. For example, a licensed general contractor in Massachusetts shared that a building permit must be obtained if someone is looking for an electrician to do the wiring.

He said, “If an inspector finds old 1960s coated wire (coated with fiber wax) in a building, he will force the homeowner to rewire the entire house, which will cost the sky.” Many houses in the USA were built in the 1960s.

6. Depreciation Rates

Image Credit: Pexels

EVs tend to depreciate faster than their gas-powered counterparts. On average, an EV can lose about 52% of its value within three years, compared to 39% for traditional vehicles.

This rapid depreciation affects resale value and can financially disadvantage owners.

Related: Are You In The Lower Middle Class? 28 Signs Someone Is Lower Middle Class 

7. Overpromises in EV Market: Self-Driving Features and True Range Concerns

Image Credit: Pexels

Electric vehicles (EVs) have been at the forefront of automotive innovation, with promises ranging from self-driving capabilities to unprecedented ranges.

Recent developments and consumer experiences suggest that some of these promises may not fully align with current realities.

True Range of EVs

Image Credit: Pexels

Driving range is a critical factor for consumers considering an EV purchase, with range anxiety being a significant barrier to wider adoption.

Despite advancements, discrepancies between advertised and actual driving ranges have been a point of contention. For instance, Tesla has faced scrutiny and regulatory action for overestimating the driving ranges of its vehicles.

South Korean regulators fined Tesla for failing to disclose how cold weather could significantly reduce its vehicles’ driving range, and a study found Tesla models averaging 26% below their advertised ranges.

The U.S. Environmental Protection Agency (EPA) has also required Tesla to adjust the range estimates advertised for several of its vehicles. This adjustment aims to reflect more accurately the real-world driving range consumers can expect, acknowledging that environmental factors such as temperature can greatly affect EV performance​​.

Related: How to Get a Free Car: Everything You Need to Know

Self-Driving Features

Image Credit: Pexels

The anticipation of fully autonomous vehicles has been a tantalizing prospect for many years, with Tesla being at the forefront of this movement.

However, the journey towards fully self-driving technology has been slower and more complex than initially promised. A class action lawsuit filed against Tesla accused the company of failing to deliver on its Full Self-Driving (FSD) promises, such as traffic light recognition and automatic city street navigation by the end of 2019.

This lawsuit highlights the gap between marketing promises and the current capabilities of autonomous driving technology. The legal pathways for consumers dissatisfied with the FSD features include small claims lawsuits and arbitration, reflecting the challenges in holding manufacturers accountable for ambitious technological claims​​.

These instances underline the importance of setting realistic expectations for EV technology.

While the industry continues to make strides in range and autonomous driving capabilities, consumers should approach these innovations with a balanced perspective, recognizing the current limitations and the potential for future advancements.

8. Scarce Second-Hand Market

Image Credit: Pexels

The resale market for EVs is still developing. Given their rapid depreciation and the technology’s relative novelty, finding a used EV at a bargain price is challenging.

This situation may improve as more EVs enter and circulate in the market.

9. High Maintenance and Repair Costs

Image Credit: Pexels

While EVs generally require less routine maintenance than gas vehicles, repairs can be costly. The specialized nature of EV components and the current scarcity of qualified technicians mean that owners may face higher costs for repairs and parts.

Related: How To Reduce Car Expenses: Make Your Car Last Longer

10. Inadequate Public Charging Infrastructure

Image Credit: Pexels

The availability and reliability of public charging stations remain inconsistent.

Despite significant investments, such as the $100 million funding by the Biden administration to improve charging infrastructure, users frequently encounter non-functional or occupied charging stations, adding to the inconvenience.

Plus, there is not yet a standardized charging connection. This means you need to find a charging station specific to your car.

11. Expensive Battery Replacement Costs

Image Credit: iStock

Replacing an EV battery is a costly affair, with prices ranging from $6,500 to $20,000, depending on the pack size, manufacturer, and whether it is within or out of warranty.

This expense, potentially necessary within the vehicle’s lifetime, adds to the total cost of ownership.

12. Environmental Impact of Battery Production

Image Credit: Pexels

The production and disposal of EV batteries involve environmentally harmful processes, including the mining of lithium, cobalt, and nickel.

These activities raise concerns about water pollution, habitat destruction, and the carbon footprint associated with battery manufacturing.

Although EVs have lower operational emissions, the full lifecycle impact merits consideration.

13. Dependency on Non-Renewable Energy

Image Credit: Pexels

Many regions still generate the bulk of their electricity from non-renewable sources, such as coal and natural gas.

This dependency means that the environmental benefits of EVs can be partially offset by the carbon-intensive energy used to charge them.

14. Limited Recycling Infrastructure for EV Batteries

Image Credit: Pexels

The recycling infrastructure for EV batteries is not yet capable of processing the volume of batteries that will reach the end of their life in the coming years.

This gap poses a significant environmental challenge, although advancements in recycling technology and methods offer hope for more sustainable solutions.

15. Sensitivity to Extreme Weather

Image Credit: Pexels

EV performance significantly declines in very hot or cold temperatures, affecting battery efficiency and range. Studies indicate that battery range can decrease by up to 31% in extreme weather, which could turn a 300-mile range into just 200 miles under adverse conditions.

Cold weather significantly affects electric vehicles (EVs), particularly their charging times and overall range.

Lithium-ion batteries, which power most EVs, operate best within a temperature range of 60 to 80°F. In colder climates, these batteries require more energy to start the charging process, and maintaining at least a 20% charge is recommended to ensure they have enough reserve energy.

Some strategies to mitigate the effects of cold weather include opting for EVs equipped with heated seats and steering wheels, using a heat pump heating system for more efficient cabin heating, and practicing preconditioning to warm up the battery and cabin ahead of departure.

Keeping the car plugged in when not in use can also help maintain battery temperature.

16. Charging Stations Can Be a Pain To Deal With

Image Credit: Pexels

The extended time required to charge electric vehicles is still an issue. It’s not just about the slow overnight charge at home; it’s the wait at commercial Supercharger stations, which still takes thirty to forty minutes.

This timeframe is considered unacceptably long, especially for those with busy schedules. It’s nearly impossible for an average person to manage during a standard lunch break, risking absenteeism.

Additionally, it significantly extends an already long road trip, with obtaining an 80% charge alone taking considerable time. A full charge for long journeys could take up to three hours, making it impractical.

There’s an urgent need for charging to be reduced to just five minutes for a complete 100% charge from empty, making electric vehicles more feasible for daily use and long-distance travel.

17. People Are Afraid Of Change

Image Credit: Pexels

There are other reasons why drivers are hesitating to switch to electric vehicles. Politics is a big one. Another is that people accept change at their own rate. With any new technology, there are first movers, gradual adopters, and so forth.

Cars, regardless of power source have not been around very long. Some of the first cars were electric.Then gas became widely adopted. Now electric is getting a look again.

But every one of us has some reluctance to change. The debate doesn’t need to be gas vs electric. Sales will solve that argument.

This article hasn’t been about which car is better. It hasn’t been about why people are buying so many electric cars. Instead it’s been a look at why many people haven’t. If you understand that, like this article.

18. Political Associations

Image Credit: Pexels

Some EV owners have told me the most difficult hurdle to overcome is knowing that you will be typecast and stereotyped as being associated with the global warming debate or that you are taking a political stance.

This is similar to the mask debate during COVID. Just because someone wore a mask does not mean they were in or out of a political party, but it sure felt to many like a flag stating their political preferences.

Some people haven’t bought electric vehicles yet to just stay away from being forced into political debates.

19. Skepticism Around Technological Security

Image Credit: Pexels

Some people have significant concerns regarding technological security of electric vehicles. They are now sophisticated computers on wheels.

Most electric vehicles connect to the internet, exchange data with cloud-based services, and, increasingly, interface with other IoT (Internet of Things) devices. This digital connectivity, while offering enhanced efficiency and user experience, opens up a Pandora’s box of potential vulnerabilities.

Potential Vulnerabilities

Image Credit: Pexels

The primary apprehension revolves around the possibility of cyberattacks. Given that EVs are part of a broader network, they are susceptible to the same threats that plague other connected devices. This includes, but is not limited to:

  • Remote Hacking: The fear that malicious actors could gain unauthorized control over the vehicle’s systems remotely, affecting critical functions such as acceleration, braking, and steering.
  • Data Privacy: Concerns over what personal data is being tracked, stored, and potentially shared without explicit consent. This includes location tracking, driving habits, and even preferences in media consumption.
  • Ransomware and Malware: The risk of vehicles being locked or disabled until a ransom is paid, similar to attacks on personal computers and corporate networks.

20. People Are Not Shopping For Cars, Yet

Image Credit: Pexels

This article has has covered why many people are not buying electric vehicles. I have a personal reason why I have not bought one. My family does not need a new car. When it’s time for us to replace our vehicles, we will look at what cars meet our needs.

That may be electric, or it may be gas. The point is, there are many reasons people haven’t bought electric vehicles.

Conclusion

Electric vehicles represent a pivotal shift towards more sustainable transportation.

Understanding the complexities and challenges associated with EV ownership is crucial for consumers.

As technology advances and the market evolves, many of these issues may be mitigated. Prospective buyers should weigh these factors carefully against the benefits of EVs to make informed decisions that align with their values, needs, and financial situations.

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