EVs are more expensive and less available.
With gas prices soaring above $4 a gallon, electric vehicles are starting to look a lot more attractive to car buyers. But a combination of supply chain constraints, the global chip shortage, higher-than-average prices, and low inventory at dealerships will conspire to keep EVs out of reach for most people.
Even if you can afford a new EV, good luck finding one. US vehicle inventory levels — the number of cars that are available to buy at any given time — are down about 60 percent from a year ago and 70 percent from 2020 to roughly 1.1 million vehicles, according to Cox Automotive. EVs and hybrids only represent about 25,100 units, or 2.4 percent of that total supply, as of February 21st, according to the company.
Unsurprisingly, owners of oversized vehicles are feeling the pain of higher gas prices the most. A driver of a full-size SUV is paying about $110 more each month to operate their vehicle, according to Cox. A full-size pickup now costs $100 more a month to operate compared to March 2021. “We are living in a time like no other,” said Michelle Krebs, a senior analyst for Autotrader and Cox Automotive.To make matters worse, car dealers are applying huge markups to most new EVs. According to Edmunds, the average transaction price for a new EV is up 3 percent in February over the manufacturer’s suggested retail price, largely because of markups. That’s steeper than the uptick in the average transaction price for all new vehicles in February, which was 1.
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