This is one of the big questions I’ve been wondering in the past year or so. Who is buying electric cars now? For years, very early adopters were buying them because they were concerned about our growing climate crisis and/or because they were techies who quickly got drawn to the new electric era of smartphones on wheels. But there are now a lot of people buying electric cars who aren’t early adopters in one of those core buyer groups.
In terms of what share of each generation’s auto purchases are pure EV purchases, Gen Xers and Millennials still lead the way. 10.2% of Millennial auto purchases are EV purchases, 9.4% of Gen X auto purchases are EV purchases, 7.5% of The Greatest Generation’sauto purchases are EV purchases, 6.6% of Gen Z auto purchases are EV purchases, 5.9% of Baby Boomer auto purchases are EV purchases, and 4.9% of The Silent Generation’s auto purchases are EV purchases. Those figures are for 2023 as a whole.
With 2024 bringing the option to lease an EV and have the federal EV tax credit for it rolled into the lease price, one has to think that some of these figures will change a lot. I expect many younger buyers to enter the EV market, and I expect a lot more leasing of electric vehicles. One would also expect lower average prices for electric cars, but that’s also a strong expectation due to the fact that automakers have been lowering EV prices by thousands of dollars.
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