You May Be Surprised.

The electric vehicle (EV) industry has come a long way since Larry David and your hip friend bought their first Prius in the late 90s. In 2018, the electric vehicle segment more than doubled versus 2017. As the popularity of electric vehicles grows, you might think Millennials would be leading the charge, oat milk latte and avocado toast in hand. But you might be surprised to learn that they’re not all lining up for the latest Tesla release.

According to TrueCar data, Gen X is buying the most EVs, at 39.8%, followed closely by Millennials at 34.9%. However, Boomers are actually the ones buying the greatest mix of all green vehicles, which includes Electric, Hybrid, Plug-in Hybrid, and Fuel Cell vehicles. That’s right, the generation that can remember a time before the Internet is embracing green vehicles more than the electronic generation itself.

1. More Money, More EVs

Electric vehicle sticker prices are often much higher than those of comparable gas vehicles. “There’s still a price premium on alternative powertrains, so EV purchases are strongly correlated with income levels, which gives Boomers a natural advantage over Millennials,” said Cari Crane, Director of Insights at TrueCar’s ALG.

“But Millennials are quickly catching up. We’re seeing affluent Millennials gravitate toward EVs at higher rates than hybrids or even gas-powered vehicles,” says Crane. Millennials with an income of $70K or higher purchase electric vehicles at a rate four times that of those who make less than $70K.

Affluent Millennials gravitate toward EVs at higher rates than hybrids or even gas-powered vehicles[/caption]

However, for the rest of their generation, gas cars still reign supreme, a fact that may be attributed to not only the lower cost of gas vehicles but also the fluctuation of gas prices across the country. While in some areas, the price of gas may be spiking, in others it has remained steady, thus discouraging Millennials from making the switch.

2. Plug & Play

Arguably the biggest hurdle that Millennials have to overcome with EVs is the question of where do you actually charge these cars? Since a car can’t exactly fit in your living room, it can be challenging to find the right space to do the job. Today, 37% of Millennials live in urban areas, and while charging stations are becoming more widely available, many smaller apartment buildings don’t offer these amenities.

Even for those living in the suburbs, public charging stations may be more difficult to access. Nearly one-third of all EV charging stations are located in California, where 5% of new vehicle registrations are all-electric. So, while Millennials located in cities who embrace EVs are in for good news, others may have to wait a bit longer to plug in.

Additionally, the limited battery range can cause quite a bit of panic in potential owners. If you tend to take longer car trips, you may be concerned that the battery range simply won’t get you to your destination. It’s one thing to do a quick fill-up at the gas station, but it’s another to stop for a few hours while you charge your car. As more charging stations pop up and increased battery sizes become available, it is likely that some of this anxiety will subside for car buyers.