<br><div><aside class="gnt_em gnt_em__fp gnt_em_vp__tp gnt_em__el" aria-label="Video - Here's how electric vehicles can cut global warming"/><p class="gnt_ar_b_p">Electric vehicles (EVs) are piling up on car lots across the country as the green revolution hits a speed bump, data show. </p><p class="gnt_ar_b_p">EV inventories have increased by 506% from a year ago, with EVs sitting on lots for longer, according to CarGurus’ <a target="_blank" href="https://assets.ctfassets.net/0czyc7nlfvzo/12G4v6hgKTOmC4rnd5XYvM/2de4f17006574e9024643ba0b2c8e8a5/CarGurus_Intelligence_Report_-_October_2023.pdf" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">October report</a>, released this month. EVs sit on the market an average 82 days versus 64 days for gas-powered vehicles, it said. In response to <a target="_blank" href="http://www.usatoday.com/story/money/cars/2023/07/14/ev-sales-dropping-cox-automotive-says/70411020007/" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">slowing demand</a>, automakers like <a target="_blank" href="http://www.usatoday.com/story/news/local/2023/09/25/ford-marshall-project/70964122007/" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">Ford</a> and <a target="_blank" href="http://www.usatoday.com/story/money/cars/general-motors/2023/10/17/gm-production-ev-pickups-orion-assembly-plant-silverado-sierra/71216131007/" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">GM</a> are cutting production. </p><p class="gnt_ar_b_p">EVs are still <a target="_blank" href="http://www.usatoday.com/story/money/cars/2023/03/31/ford-f-150-lightning-price/11576143002/" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">too expensive</a> for most people, even with <a target="_blank" href="http://www.usatoday.com/story/money/cars/2023/04/17/ev-tax-credit-2023-which-electric-vehicles/11681387002/" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">government incentives</a>, surveys say. </p><p class="gnt_ar_b_p">“While consumers still have plenty of concerns surrounding an EV’s battery range, price remains the higher priority when purchasing an EV,” said Julia Martinez, an energy & auto analyst at business intelligence company Morning Consult, in a <a target="_blank" href="https://pro.morningconsult.com/analysis/consumer-preferences-ev-features-price-safety" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">report</a>. </p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><h2 class="gnt_ar_b_mt">Aren’t EV prices dropping though? </h2><p class="gnt_ar_b_p">Yes. </p><p class="gnt_ar_b_p">Helped by Tesla’s <a target="_blank" href="http://www.usatoday.com/story/money/cars/2023/04/19/tesla-price-cuts-continue/11695596002/" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">price cuts,</a> the average price paid in September for a new EV fell to $50,683, from $52,212 in August and $65,295 a year earlier, with incentives representing 9.8% of the transaction price, or $4,991, according to car buying platform Cox Automotive. </p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">Used EVs saw similar declines, with EVs 3 years old or less shedding 29.5%, car buying platform Edmunds said. </p><p class="gnt_ar_b_p">Even with those lower prices the new average EV list price was 28% higher than a gas vehicle last month, CarGurus said. That brings the cost for a 60-month loan with an interest rate of near 8% on an average new EV to $277 more a month than a gas car, it said. </p><aside class="gnt_em gnt_em_anc" id="gnt_atomsnc" data-g-r="lazy" data-gl-method="loadAnc" aria-label="Newsletter signup form"/><p...</p></div> <style> .wrapper { text-align: center; } </style> <div class="wrapper"> <a class="button" href ="https://www.usatoday.com/story/money/personalfinance/2023/11/14/ev-sales-2023-slow-inventory-pile-up/71572499007/">Read more <span>➤</span></a> </div>
