When Jose Martinez fills up his Jeep Grand Cherokee in Los Angeles these days, the tab often exceeds $100. Like many American drivers, he's heard the buzz about electric vehicles — but he assumes they're expensive, inconvenient, and probably not worth the hassle. What he doesn't know is that switching to an EV could put nearly $970 back in his pocket every year. And he's far from alone in missing that math.
A new survey of 2,228 Americans conducted by Bumper.com between April 3 and 6 found that two-thirds of respondents believe owning an electric car would not save them money on fuel costs. Most who did expect some savings guessed they'd save less than $500 annually — roughly half of what researchers say is actually typical. The disconnect is striking, especially as gas prices hover around $4.55 per gallon nationwide, up $1.40 from just a year ago (and above $6 in California).
The numbers tell a different story. For drivers upgrading from a typical sedan, annual savings run about $750. But America's roads are dominated by larger vehicles: the Jeep Grand Cherokee with its 5.7-liter V-8 gets just 14 miles per gallon in the city. Drivers who trade one in for an EV could pocket at least $970 per year — yet only nine percent of survey respondents expected to save that much.
Meanwhile, actual interest in EVs is climbing fast. Cars.com recorded a 25 percent surge in electric vehicle searches from late February to late March, while searches for gas and diesel vehicles dropped nine percent. Edmunds.com saw similar upticks. The gap between what people search for and what they believe suggests a simple culprit: awareness.
Many respondents pointed to charging concerns. More than 70 percent said they had no easy access to a charger — yet most major automakers now enable their vehicles to charge on the Tesla Supercharger network, and 64 percent of Americans already live within two miles of a public charging station, according to Pew Research. As of this year, there are now 79,500 public charging stations across the country, with more than 245,000 individual ports — a figure that has more than doubled since 2020.
The trend appears bipartisan, too. A poll by Hill Research Consultants found that Republican skepticism toward EVs "may be easing as the 2024 election retreats into the rear view mirror." Whether that softening translates into actual purchases remains to be seen.
What seems clear is that the financial case for going electric is stronger than most drivers realize — and infrastructure is expanding to meet them. For someone like Martinez, the numbers could be an eye-opener.