AMERICANS’ ELECTRIC VEHICLE OWNERSHIP AND POTENTIAL OWNERSHIP, BY AGE
FOR GALLUP POLL RESPONDENTS | DATA AS OF 03.20.24
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- Electric vehicle adoption in the United States has grown steadily the past few years. Enthusiasm, however, often falls along demographic lines. According to a March poll conducted by Gallup, 62% of 18- to 29-year-olds currently own or are considering purchasing an electric vehicle. Conversely, 63% of Americans older than 65 would not purchase one.
- Many credit unions are trying to attract members in the 18 to 29 demographic. Working with younger Americans to finance electric vehicles, and the increasingly popular e-bike, can help credit unions position themselves as a financial institution catering to the green economy.
- Auto loans currently comprise 31.1% of total loan balances at U.S. credit unions. The industry owns 24.2% of the total auto loan market share and 17.6% for new cars. Additionally, credit unions often source car loans from indirect channels, which make up 55.7% of total auto loans. Helping would-be EV owners obtain a piece of this affordable financing is one way credit unions can appeal to younger Americans.
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