Summary
– SRP is providing free test drives of popular electric vehicle models to combat waning enthusiasm for electric vehicles
– Test drives will be available on April 27 at SRP’s Project Administration Building in Tempe
– Participants must register in advance, provide a valid driver’s license, and sign a waiver
– Despite a decline in electric vehicle sales in the first quarter of 2024, Cox Automotive forecasts an overall increase for the year due to dropping prices and rising leasing options
– In the first quarter of 2024, Americans bought 268,909 new electric vehicles, accounting for 7.3% of total new vehicle sales.
Article
Salt River Project is taking steps to rejuvenate interest in electric vehicles by offering free test drives of popular models and engaging in discussions with Valley residents who already own electric vehicles. The event is scheduled for Saturday, April 27, and will allow participants to test drive electric vehicles like Teslas, Rivians, and Ford F-150 Lightning trucks. Owners of these vehicles will be on hand to answer questions and share their experiences. To participate, individuals must register in advance, provide a valid driver’s license, and sign an electronic waiver.
According to data from Kelley Blue Book and Cox Automotive, electric vehicle sales in the U.S. saw a slight decline in the first quarter of 2024, marking the first quarter-over-quarter downturn since Q2 2020. However, EVs still accounted for 7.3% of total new vehicle sales, with 268,909 new electric vehicles purchased during this period. Despite the decline, Cox Automotive expects EV sales to increase in 2024 due to a variety of factors such as more new products, incentives, inventory, leasing options, and improved charging infrastructure.
The average transaction purchase price for a new electric vehicle dropped to $55,167 in the first quarter of 2024, a 9% decrease from the same quarter in 2023. Additionally, leasing of electric vehicles has been on the rise, with approximately 27% of all EVs being leased in the latest quarter, more than double from the year earlier. This increase in leasing allows many consumers to qualify for the full $7,500 federal income-tax credit under the Inflation Reduction Act offers, making electric vehicles more affordable for a larger portion of the population.
Salt River Project’s initiative to offer free test drives of electric vehicles aims to combat the recent decline in EV sales and increase awareness and interest in this alternative form of transportation. By providing hands-on experience with popular models and facilitating discussions with current EV owners, the utility hopes to inspire more individuals to consider making the switch to electric vehicles. With the ongoing improvements in EV technology, pricing, and availability, the future of electric vehicles looks promising, despite the recent fluctuations in sales.
Those interested in participating in the electric vehicle test drive event on April 27 can register in advance, provide a valid driver’s license, and sign an electronic waiver. The event will take place at SRP’s Project Administration Building in Tempe, offering participants the opportunity to experience driving or riding in electric vehicles like Teslas, Rivians, and Ford F-150 Lightning trucks. By engaging with current EV owners and industry experts, attendees can learn more about the benefits and challenges of electric vehicles, ultimately helping them make informed decisions about their future transportation choices.
In conclusion, Salt River Project’s efforts to promote electric vehicles through free test drives and discussions with current EV owners come at a critical time as the industry faces fluctuations in sales. Despite the recent decline in EV purchases, experts predict a rebound in sales for 2024 driven by various factors such as new products, incentives, leasing options, and improved infrastructure. With prices dropping and leasing options increasing, electric vehicles are becoming more accessible to a larger audience, making it easier for consumers to consider making the switch to electric transportation.
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