Is Biden’s electric car dream falling flat? Majority of Americans say federal incentives are not convincing them to buy an EV – and only households earning over $150K are seriously considering the investment

The majority of Americans say federal incentives won’t convince them to buy an electric car — and some say they’re even foregoing it altogether.

Joe Biden has the ambition to make two-thirds of new vehicle sales electric by 2032. He also plans to build a network of 500,000 chargers across the country.

But an exclusive study by DailyMail.com has shown that this dream is falling apart.

Despite the government offering $7,500 in tax credits to motorists who invest in certain EV models, only 29 percent of people said such incentives had any impact on whether they would buy one.

About 43 percent said it didn’t influence their decision at all — and another 15 percent said it made them less likely to consider the purchase.

According to the analysis by research firm Opinium, higher-income Americans were much more likely to consider owning an electric car than those earning less.

About 26 percent of people earning less than $50,000 said they would consider buying an electric car in the future, while nearly half of those earning between $100,000 and $150,000 would do so.

A whopping 70 percent of Americans who earned $150,000 or more said they would consider switching to an electric car.

But the cost of an electric car was still a barrier for all income classes.

Electric cars are much more expensive to buy than their gas counterparts, despite the government touting their cheaper electric fuel. It can take up to ten years to break even on an electric car compared to driving a gas car.

Figures from car dealership Edmunds show that the average cost of a new gas-powered car was $47,892 in May of this year, while the typical electric car would cost $65,381.

For those making less than $50,000, 84 percent said price was a major or somewhat of a barrier to owning an electric car, while this rose to 86 percent of those with a salary between $50,000 and $74,999.

Even for those earning $150,000 or more, 59 percent said the cost kept them from buying an electric car. Earning more than $175,000 is enough to put workers in the top 10 percent of U.S. tax returns.

It comes as the growth of electric vehicle sales in the US is starting to slow – suggesting that high initial costs are putting consumers off.

According to researcher data Motor intelligencePlug-in model sales grew nearly 50 percent in the first half of the year — down from 65 percent growth for all of 2022.

While Tesla this week launched “budget” variants of its Model S sedan and Model X SUV that cost $10,000 less than the standard model, the reduced price comes with reduced range and power.

In addition to cost concerns, Americans are also concerned about battery depletion and access to charging stations, the survey found.

More than three in five — about 65 percent — of Americans said they were very or moderately concerned about the possibility of the battery running out while driving an electric car, while half of those surveyed said charging stations were not very concerned. or are not accessible at all in their local neighborhood.

The study showed that the availability of charging stations increased sharply with income.

Nearly half — 48 percent — of those earning $100,000 or more reported that charging stations are accessible, compared to 32 percent of those earning less than $100,000.

The findings come after experts warned that switching to an electric vehicle is out of reach for many Americans, as more than a third of US counties lack a public charging port.

In particular, those living in low-income areas are excluded from the charging network, analysis by automotive data provider Bumper has revealed, with more than 70 percent of America’s public charging ports located in the wealthiest counties.

This disparity in the “charging desert” is also high along state lines, with Louisiana, Mississippi, Kentucky and Alabama having the lowest number of charging ports per capita, according to the study, meaning millions of consumers are being held back from choosing a eco alternative .

It comes after two of the world’s largest automakers said the government last month electric car push is doomed to failure because it “underestimates” key challenges – such as consumer costs and gaps in charging infrastructure.

In comments submitted to the federal government, Toyota and Stellantis – owner of Vauxhall – called the plan “overly optimistic”.

Tom Stricker, vice chairman of the Toyota group, said that while the company “shares the goal of reducing carbon as quickly as possible,” the current target is not achievable.

He wrote, “The proposed rule underestimates key challenges, including the scarcity of minerals to make batteries, the fact that these minerals are not mined or refined in the US, the inadequate infrastructure, and the high cost of battery electric vehicles.”

As seven major automakers, including General Motors and Stellantis, announced late last month a plan to install at least 30,000 chargers in a $1 billion effort to reduce the shortfall, experts are calling on automakers to think about those who might are left behind.

The new stations, which will open in the summer of 2024, will support both Tesla’s North American charging standard – currently the largest in the industry – and its competitive Combined Charging System.

Kerry Sherin, data analyst for consumer advocate at Bumper, told DailyMail.com, “I hope that down to the local level, city, state, county and government officials will work with some of these automakers who are going to invest in the larger network to really bring those access points to underrepresented communities.’