In years past, electric cars seemed futuristic and out of reach for the average person. Fast forward to today and owning an electric car is no longer a far-fetched idea, but rather a viable option for many people considering purchasing a vehicle. Today’s consumers are also grappling with sky-high gasoline costs, paying about 60 percent more in gas versus the same period last year. This has led to a greater interest in electric cars as people search for new ways to deal with rising fuel costs. Between staggering fuel costs more incentives than ever to support electric car purchases, now may be a great time to consider how you can save money by investing in an electric car.

Key electric car facts and statistics

  • In June 2022, 65,533 hybrid electric vehicles (18,482 cars and 47,051 light trucks) were sold in the United States. (Kelley Blue Book June 2022)
  • California leads the way with the highest number of electric car registrations in 2021, followed by Florida, then Texas. (U.S. Department of Energy, Electric Vehicle Registrations by State)
  • Global and U.S. sales of electric vehicles are picking up. In 2022, approximately one in 12 vehicles sold globally have been electric vehicles. (S&P Global)
  • It is estimated there are currently 2.2 million electric vehicles or hybrids on the road in the U.S. (S&P Global)
  • The electric vehicle market is expected to grow to 32 million vehicles globally by 2030. (S&P Global)
  • Electric vehicle batteries now average about $150 per kilowatt hour, a decrease of about $600 per kilowatt hour in 2014. (International Energy Agency)
  • The 50 most populous metropolitan areas accounted for 77% of new electric vehicle registrations in 2020, showing most growth of EVs is occurring in cities. (International Council on Clean Transportation)
  • Roughly 96% of EV owners say they would buy or lease…

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