Interest in EVs declining | CTV News

A recent survey by AutoTrader found consumer demand for an EV is down for a second straight year.

The online survey of 1,600 Canadians over the age of 19 was conducted in February and March 2024.

Respondents were asked: Would you consider an electric vehicle for your next car purchase?

“68 per cent said that they would in 2022. It came down to 56 per cent in 2023, and now we’re sitting at around 46 per cent for 2024,” Baris Akyurek told CTV News Friday.

He’s the vice-president of Insights and Intelligence for AutoTrader.

Akyurek said they took their question one step further, asking respondents why they would pick a gas-powered vehicle over an EV.

“The biggest reason is probably not a big surprise, it’s the ‘range anxiety,’” according to Akyurek. “79 per cent of the consumers don’t want to buy an EV because they’re anxious for their trips.”

The second concern was charging station availability, or lack thereof.

And the third reason might be the most significant, cost.

Akyurek said they crunched the numbers on AutoTrader.ca and found electric vehicles cost 15 to 20 per cent more than the same model of gas-powered car.

He did note however, the cost is starting to come down for electric vehicles.

“Demand is coming down. Supply is increasing and what’s happening to prices, [they] have been coming down,” Akyurek said. “The price decline on a year-over-year basis is 17.4 per cent.”