According to a new report by JD Power, about 50% of car buyers should be able to afford an EV that meets their needs by the end of the year. These results reflect more and more brands bringing affordable electric models to the market.
The average price of EVs has dropped significantly with some models reaching price parity with their gas-powered counterparts. New incentives and tax credits are also making EVs more accessible financially, while the expansion in types of EVs being offered is attracting buyers with larger and more practical options.
Despite the increased attainability, JD Power predicts that only about one in ten car shoppers will actually purchase a new EV by the end of 2023, but says that number is on the rise.