person holding charger for Electric vehicle
Sean Cate
Sean Cate
July 9, 2024 ·  3 min read

E.V. Buyers Remorse: New Findings Show Americans Who Own Electric Vehicles May Regret Their Purchase

Electric vehicles (EVs) have long been heralded as the future of transportation, promising environmental benefits and reducing reliance on fossil fuels. However, recent findings reveal that a significant number of EV owners in the United States are experiencing buyer’s remorse. According to a new study by McKinsey & Company, 46 percent of American EV owners are ‘very’ likely to switch back to gas-powered vehicles.1 This surprising trend raises important questions about the current state of electric vehicle adoption and the challenges faced by consumers.

The McKinsey Mobility Consumer Pulse Study

Electric vehicle in a driveway at the top of a hill
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The McKinsey Mobility Consumer Pulse study, released in June 2024, surveyed nearly 37,000 participants worldwide, including a substantial number of electric vehicle owners from the United States. The study’s findings indicate that nearly half of the American respondents are dissatisfied with their EVs to the extent that they are considering a return to traditional gasoline-powered cars.

Read More: Hertz Set to Sell 20K Electric Vehicles, Shifting Back to Gas-Powered Cars

Charging Infrastructure Issues

electric vehicle street parking
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One of the primary reasons cited by EV owners for their dissatisfaction is the inadequate charging infrastructure. Approximately 35 percent of global respondents indicated that the current public charging infrastructure is ‘not yet’ sufficient to meet their needs.2 This sentiment is echoed by American electric vehicle owners, who frequently encounter issues with finding convenient and reliable charging stations.

High Total Ownership Costs

Electric BMW
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Another significant factor contributing to EV owners’ regret is the high total cost of ownership. Thirty-four percent of the study’s participants expressed concerns about the expenses associated with owning an electric vehicle. These costs include the initial purchase price, maintenance, and potential expenses related to charging equipment installation at home.

Frequent Charging Stops

electric vehicle charging spot
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Long-distance travel with electric vehicles presents another challenge. Thirty-two percent of respondents reported that frequent charging stops during road trips negatively impact their driving experience. The need to plan routes around available charging stations and the time required for recharging can be inconvenient for many drivers.

Read More: Woman Reveals Surprising Fact About Her Tesla After Being Stuck in it For 40 Minutes in 115 Degree Heat

Regional Differences in EV Satisfaction

person. on phone with different satisfaction levels
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The study also highlights regional differences in EV owner satisfaction. While 46 percent of American EV owners expressed a desire to return to gas-powered vehicles, Australia had an even higher percentage at 49 percent. In contrast, Japan had the most loyal electric vehicle owners, with only 13 percent considering a switch back to traditional vehicles.

Home Charging Challenges

different plugs for around the home
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Home charging remains a significant hurdle for many EV owners. Eleven percent of participants reported that the nearest charging station is too far from their home, and 38 percent claimed that no charging station is conveniently located nearby. This lack of accessible home charging options adds to the frustration of electric vehicle ownership.

Policy and Industry Responses

electric vehicle parking sign
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In response to these challenges, the U.S. government and automakers are making efforts to improve the electric vehicle landscape. The Environmental Protection Agency (EPA) has introduced new guidelines aiming for 56 percent of all new vehicle sales to be electric by 2032. Additionally, companies are investing heavily in expanding charging infrastructure and advancing battery technology to enhance the EV ownership experience.

Conclusion

Tesla charging station
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While electric vehicles offer numerous benefits, the recent McKinsey study reveals significant challenges that have led to buyer’s remorse among many American electric vehicle owners. Inadequate charging infrastructure, high ownership costs, and inconvenience during long-distance travel are key factors driving this sentiment. As the industry continues to evolve, addressing these issues will be crucial to ensuring a more positive and widespread adoption of electric vehicles in the future.

Read More: Tesla Recalls Every Cyber Truck Again!

Sources

  1. Why nearly half of EV owners want to switch back to gas vehicles after major buyer’s remorse.” Daily Mail. Emma Salleta. June 7, 2024.
  2. Many Electric Vehicle Owners Regret Purchase, New Survey Finds.” NY Sun. Joseph Curl. June 27, 2024.