Study reveals most car buyers ‘somewhat familiar’ with new EV tax credits

Cox Automotive Mobility‘s newest survey found that electric vehicle owners are only ‘somewhat familiar’ with new EV tax credits included in the Inflation Reduction Act and reveals their opinions about how the credits should be implemented.

Cox Automotive surveyed 1,000 consumers about the new EV tax credits in September to better understand the current consumer perception of the Inflation Reduction Act and how it impacts interest in electric vehicles. The survey included electric vehicle owners, traditional combustion-powered vehicle owners, and some who did not own a car at all.

The survey found that 32% of respondents reported being only ‘somewhat familiar with the new EV tax credits, while 23% said they were ‘not very familiar’ and 14% reported being ‘not at all familiar.’ Only 16% said they were ‘very familiar,’ and 15% reported being ‘extremely familiar.’ Most respondents said they felt the new tax credits were easy to understand and that the tax credit would have a positive influence on their decision to purchase an electric vehicle.

Most participants said they preferred getting information about the EV tax credits from reputable sources, such as automakers, dealerships, and government websites.

Additionally, 52% of people surveyed felt that tax credits should be applied at the time of purchase, while 22% said they should be applied for when filing annual taxes. An overwhelming 61% said the tax credit should be available on vehicles made in the US, and 43% said it should be available on non-luxury cars. The majority of respondents also said the credits should only be available to buyers within a specific income range, with 24% strongly agreeing, 28% somewhat agreeing, and 27% neither agreeing nor disagreeing.

More than half of the respondents said they felt the EV tax credits would ultimately be good for the US economy and would help grow EV sales in the country.

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