Posted 12/1/2023, 1:13:29 AM
Mainstream Electric Cars Still Out of Reach for Most Buyers Despite More Affordable Options
- Electric vehicle (EV) buyers in the U.S. still resemble the first wave of upscale, luxury EV buyers who can afford high prices
- Eventual mainstream adoption of EVs depends on less wealthy buyers getting on board as more affordable EVs enter market
- Growing number of mainstream-priced EVs available from brands like Ford, Toyota, Hyundai, etc.
- However, mainstream-brand EV buyers have stronger credit profiles than mainstream buyers of gas vehicles
- Over 60% of mainstream EV buyers have "super prime" credit scores over 780, similar to luxury auto buyers