News Release Details

SAN FRANCISCO, July 25, 2023 (GLOBE NEWSWIRE) -- Autolist, a CarGurus (Nasdaq: CARG) company providing a fast-growing mobile-focused new and used car search engine, has released its annual Electric Vehicle (EV) Survey offering insights into evolving consumer attitudes towards EVs.

The survey, which polled 3,100 current car shoppers, revealed that the top consumer concerns about EVs — price, range, and access to charging — have eased compared to the previous year. However, resistance to EVs is becoming more entrenched, particularly among lower-income shoppers.

Year-over-year, the top three shopper concerns toward EVs remained unchanged; however, the difference between the top concerns and the remaining responses narrowed in 2023:

• 42% (down from 49% in 2022) cited EVs as too expensive to buy or lease
• 39% (down from 44% in 2022) were worried about range on a single charge
• 33% (down from 35% in 2022) were concerned about where to charge an EV
  

The survey also noted a positive response to Tesla opening up its Supercharging network to other brands, with 22% of respondents stating this would make them more likely to consider an EV for their next vehicle.

"More shoppers view EVs as real-world possibilities as the market matures and EVs become more capable," said Corey Lydstone, founder and CEO of Autolist. "However, these gains are largely limited to higher-income households. Making EVs affordable for all consumers will be essential to their widespread adoption."

According to survey results, the upfront costs for EVs and the lack of a place to charge at home (or inability to install a charger) are concerns felt most acutely among lower-income shoppers. 46% of respondents making under $30,000 cited EVs’ upfront costs as a major hurdle, versus the survey average of 42%. Meanwhile, one third of respondents making under $30,000 said they had no place to charge an EV where they lived, versus the survey average of 27% of people who cited this as a top concern.

Overall, Autolist’s survey found that the lower the income of the respondent, the more likely they were to:

• Say they don’t see themselves owning an EV in the future
• Say there weren’t any public charging stations in their community
• Cite a lack of charging stations in their area as a key reason they wouldn’t buy an EV
• Cite their unfamiliarity with EVs as a key reason they wouldn’t buy an EV

“Vehicle affordability remains a challenge across the board, but EV pricing is beginning to ease as we’re seeing greater availability of new models with a wider variety of body styles and price points,” said Kevin Roberts, Director of Insights and Analytics at CarGurus. “The continued adoption of EVs is also improving the inventory of used EVs. However, less than 30% of used dealers have an EV on lot, limiting the ability for interested used car shoppers to view and test models in person.”

Across all respondents, Autolist’s poll uncovered that resistance to EVs is becoming more entrenched for some consumers. When Autolist asked respondents whether they ever see themselves owning an electric vehicle, 39% said yes (down from 42% in 2022), 26% said no (up from 21% in 2022), 28% said they were unsure (down slightly from 30% the year prior), and 7% noted they currently owned an EV (unchanged year-over-year). Shoppers who responded “no” to this question cited the same top three concerns as those in the overall results, further indicating that views on EV pricing, range, and access to charging are not improving for certain segments of shoppers.

The full 2023 Electric Vehicle Survey is available here.

Methodology
The Autolist Electric Vehicle Survey was conducted between February and July 2023, surveying 3,100 car shoppers through its website and its iOS and Android app.

About CarGurus, Inc.

CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S. ¹

CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.

To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.

CarGurus^® is a registered trademark of CarGurus, Inc., and CarOffer^® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are the property of their respective owners.

About Autolist.com

Autolist.com is a CarGurus company dedicated to making automotive buying better for everyone. Offering the best apps and the largest selection of new and used cars in the United States, Autolist.com provides tools to analyze car prices, read reviews and buyers guides, research pricing history, and search over 5,000,000 listings.

Media Contact:
Maggie Meluzio
Director, Public Relations & External Communications
pr@cargurus.com

Investor Contact:
Kirndeep Singh
Vice President, Investor Relations
investors@cargurus.com

Source: CarGurus, Inc.