Clint and Rachel Wells had reasons to consider buying an electric vehicle when it came to replacing one of their cars. But they had even more reasons to stick with petrol.
The couple live in Normal, Illinois, which has enjoyed an economic boost from the electric vehicle assembly plant opened there by upstart electric-car maker Rivian. EVs are a step forward from “using dead dinosaurs” to power cars, Clint Wells says, and he wants to support that.
But the couple decided to “get what was affordable”—in their case, a petrol-engined Honda Accord costing $19,000 after trade-in.
An EV priced at $25,000 would have been tempting, but only five new electric models costing less than $40,000 have come on to the US market in 2024. The hometown champion’s focus on luxury vehicles—its cheapest model is currently the $69,000 R1T—made it a non-starter.
“It’s just not accessible to us at this point in our life,” Rachel Wells says.
The Wells are among the millions of Americans opting to continue buying combustion-engine cars over electric vehicles, despite President Joe Biden’s ambitious target of having EVs make up half of all new cars sold in the US by 2030. Last year, the proportion was 9.5 percent.
High sticker prices for cars on the forecourt, and high interest rates that are pushing up monthly lease payments, have combined with concerns over driving range and charging infrastructure to chill buyers’ enthusiasm—even among those who consider themselves green.
While EV technology is still improving and the popularity of electric cars is still increasing, sales growth has slowed. Many carmakers are rethinking manufacturing plans, cutting the numbers of EVs they had planned to produce for the US market in favor of combustion-engined and hybrid cars.