Electric vehicles offer significant savings in operating costs compared with traditional gasoline-powered cars. By making the switch, drivers can save up to $3,000 a year on fuel and reduced maintenance alone.
Most EVs also have a lower total cost of ownership over their lifetime, especially when factoring in the incentives under the federal Inflation Reduction Act, which offers up to $7,500 in tax credits.
Women, who still earn less than men on average, buy 62 percent of all new cars sold in the U.S. and influence more than 85 percent of all car purchases.
So why are they being left out of the new automotive revolution?
An August 2022 survey revealed a small gender gap in EV-buying interest: 53 percent of men compared with 47 percent of women. The gender gap is much larger in terms of actual EV purchasing. In California, the largest U.S. market for EVs, 76 percent of buyers are men. A few reasons help explain why women's interest does not translate to purchases.
Start with the average cost of an EV before tax incentives: around $60,000. That sticker shock makes it easy for consumers to lose sight of the lower cost of ownership over an EV's lifetime. At that price, EV automakers must address concerns that are more relevant to women's car-buying habits.