--- title: Young people want EVs… but their wallets don’t - The Hustle description: Younger generations are into electric vehicles… if they can afford them. image: https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/153614050-HS-News-Brief_2022-11-14T002542.041Z.webp --- # Young people want EVs… but their wallets don’t ![Juliet Bennett Rylah](https://53.fs1.hubspotusercontent-na1.net/hubfs/53/assets/hubspot.com/web-team/WBZ/HubSpot%20Media/Blog%202021/Images/Nav/Optimized/TheHustle_Icon_Dark.svg) [Juliet Bennett Rylah](https://hs-sbup.thehustle.co/author/juliet-bennett-rylah) [Juliet Bennett Rylah Twitter profile ](https://twitter.com/JBRylah) Published: November 14, 2022 Updated: October 11, 2023 Gen Z apparently thinks EVs are “cool,” per [a survey](https://getjerry.com/newsroom/jerry-2022-state-of-the-american-driver-report-reveals-ongoing-pandemic) from auto insurance platform Jerry. ![Young people want EVs… but their wallets don’t](https://hs-sbup.thehustle.co/hs-fs/hubfs/The%20Hustle%20News/Assets/Images/153614050-HS-News-Brief_2022-11-14T002542.041Z.webp?width=595&height=400&name=153614050-HS-News-Brief_2022-11-14T002542.041Z.webp) They and millennials are the generations most interested in purchasing electric vehicles, citing climate worries and rising gas prices as additional reasons. #### **The problem?** People under 40 are the most likely to *want* an EV, but less able to afford one, [per](https://www.npr.org/2022/11/08/1135190245/younger-people-are-most-interested-in-electric-vehicles-but-cant-afford-to-buy-t) *NPR*. - Though EVs may save drivers money on fuel and maintenance over time, they’re typically [~$18k](https://thehill.com/policy/3607123-heres-why-many-electric-vehicles-are-so-expensive/) more expensive upfront due to the high cost of lithium batteries. - Though some buyers may be eligible for tax credits, they are currently limited. #### **Optimistically…** … Matt Jones of vehicle pricing site TrueCar told *NPR* that by the time younger consumers hit prime car-buying age, EV prices may have come down given increased manufacturing. Some experts believe EV and gas-powered car prices may even reach parity by [2025](https://www.fool.com/the-ascent/insurance/auto/articles/when-will-the-price-of-electric-cars-come-down/) thanks to subsidies for consumers and efforts to manufacture batteries domestically. #### **But infrastructure also poses a barrier** The federal government [wants](https://www.movinonconnect.com/news/biden-sets-us-automotivezero-emissions-deadline-at-2030/) half of all new passenger cars and light trucks sold to be zero-emission by 2030, and the Bipartisan Infrastructure Law set aside $7.5B to add 500k public chargers across the US by then. But McKinsey [estimates](https://www.mckinsey.com/industries/public-and-social-sector/our-insights/building-the-electric-vehicle-charging-infrastructure-america-needs) the US would need 1.2m public and 28m private chargers — **~20x** what it has today. Topics: [Transportation](https://hs-sbup.thehustle.co/tag/transportation) ## Follow us on social media prev next - ![If an auto industry exec tells you their job doesn’t suck, don’t believe them](https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/834999588-httpsthdaily.s3.us-west-1.amazonaws.comfinal_size-auto_20230911231654.webp) ### If an auto industry exec tells you their job doesn’t suck, don’t believe them - ![Just because you can easily fly this new helicopter doesn’t mean you should](https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/430149081-httpsthdaily.s3.us-west-1.amazonaws.comfinal_size-chopper_20230905212031.webp) ### Just because you can easily fly this new helicopter doesn’t mean you should - ![Where there’s smoke, there’s an autonomous vehicle blocking a fire](https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/1254896453-httpsthdaily.s3.us-west-1.amazonaws.comfinal_size-AutoSF_20230824221640.webp) ### Where there’s smoke, there’s an autonomous vehicle blocking a fire - ![$750m reasons we’re getting ever closer to flying cars becoming a reality](https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/512068061-httpsthdaily.s3.us-west-1.amazonaws.comfinal_size-alef_20230807231323.webp) ### $750m reasons we’re getting ever closer to flying cars becoming a reality - ![Can’t Airbnb the house? How ’bout the car, its roof, its headrest, your parking spot…](https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/12072326-httpsthdaily.s3.us-west-1.amazonaws.comfinal_size-Turo_20230727215300.webp) ### Can’t Airbnb the house? How ’bout the car, its roof, its headrest, your parking spot… - ![Your next driverless car trip may, aptly, be quite trippy](https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/764282512-httpsthdaily.s3.us-west-1.amazonaws.comfinal_size-halo_20230709230118.webp) ### Your next driverless car trip may, aptly, be quite trippy - ![What’s Sergey Brin been up to? Look up and you’ll soon find out](https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/155368817-httpsthdaily.s3.us-west-1.amazonaws.comfinal_size-airships_20230612225640.webp) ### What’s Sergey Brin been up to? Look up and you’ll soon find out - ![NYC gets closer to its toll goals](https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/551481802-httpsthdaily.s3.us-west-1.amazonaws.comfinal_size-manhattan-toll_20230611222000.webp) ### NYC gets closer to its toll goals - ![Stretch limos are going, going, going, gone](https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/1148550903-final_size-limo_20230504005308.webp) ### Stretch limos are going, going, going, gone - ![A scooter company is… profitable?](https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/1401350206-HS-News-Brief_2023-02-22T001030.797Z.webp) ### A scooter company is… profitable? Pop up for Subscribe to The Hustle Daily Newsletter Subscribe to The Hustle Daily Newsletter Get the 5-minute news brief keeping 2.5M+ innovators in the loop. Always free. 100% fresh. No bullsh*t. JOIN FREE ### 100% Free CRM Nurture and grow your business with customer relationship management software. Signup for a free account Close modal ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Juliet Bennett Rylah", "url" : "https://hs-sbup.thehustle.co/news/author/juliet-bennett-rylah" }, "datePublished" : "2022-11-14T08:30:42.000Z", "headline" : "Young people want EVs… but their wallets don’t", "image" : [ "https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/153614050-HS-News-Brief_2022-11-14T002542.041Z.webp" ], "mainEntityOfPage" : { "@id" : "https://hs-sbup.thehustle.co/news/11142022-electric-vehicles", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject" } } } ``` ```json { "@context" : "https://schema.org", "@id" : "#article", "@type" : "NewsArticle", "author" : { "@type" : "Person", "name" : "Juliet Bennett Rylah", "url" : "https://hs-sbup.thehustle.co/author/juliet-bennett-rylah" }, "dateModified" : "2023-10-11T19:43:37+0000", "datePublished" : "2022-11-14T08:30:42+0000", "headline" : "Young people want EVs… but their wallets don’t", "image" : [ "https://7355427.fs1.hubspotusercontent-na1.net/hubfs/7355427/The%20Hustle%20News/Assets/Images/153614050-HS-News-Brief_2022-11-14T002542.041Z.webp" ], "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "height" : 112, "url" : "https://fs.hubspotusercontent00.net/hubfs/53/assets/hubspot.com/web-team/WBZ/Blog%202021/Images/Logos/HubSpot%20Logo%20112X112.svg", "width" : 112 }, "name" : "HubSpot", "sameAs" : [ "https://www.facebook.com/hubspot", "https://twitter.com/hubspot" ], "url" : "https://www.hubspot.com" }, "speakable" : { "@type" : "SpeakableSpecification", "xPath" : [ "//title", "/html/head/meta[@name='description']/@content" ] } } ```