The state of EV sales: More sales, but risks and uncertainties remain

If you think you've seen more electric vehicles on the road, you're not imagining it.

Officials with ADOT say of the 8 million registered vehicles in Arizona, more than 108,000 of them are fully electric. That's nearly double the number of EVs from two years ago.

Fueling the popularity in recent years are Tesla cars: they remain the top-selling EV in America.

"There is nothing I don't like about it," said Carol, referring to her Tesla EV.

From January through September 2024, officials with Tesla say they have sold nearly 1.3 million new vehicles. Right on their heels is the second-largest U.S. automaker, Ford.

"It's not an accident that the electric vehicles that we have, have our two most iconic nameplates attached to them," said Tim Hovik, who owns San Tan Ford. 

Earlier, during the summer of 2024, Hovik and his team set a new national record for selling more all-electric vehicles than any other new-car dealership in the entire country. He says initially, buyers were hesitant to adopt to the new change, but not anymore.

For 2025, Hovik expects a quarter of all the F-150's sold in the U.S. to either be all-electric or hybrids.

"In fact, we have a lot of people that come in looking at F-150 that specifically say, ‘hey, I want to drive a hybrid. I want to see what that feels like,’" said Hovik. "I think that's kind of where our industry is right now."

Uncertainties remain with EV

Overall, U.S. auto sales remain strong, growing nearly 8% year-over-year. Light trucks and SUVs are at the top of that list. However, many Americans remain skeptical about ditching their gas car for an EV.

One of the big concerns is overall cost, as the average EV costs about $10,000 more than a gasoline vehicle. Also, if incoming President Donald Trump follows through on his threat to end the federal tax credit on electric vehicle purchases, many consumers could be priced out.

Arizona State University Research Professor Steve Polzin says potential buyers need to understand all the risks, including overall value, as EVs depreciate quicker than other vehicles.

"The Ford products and the Tesla products have come down in price pretty dramatically. So if you were one of the buyers a year or two ago, you're underwater on those vehicles," said Polzin.

This could help explain why 43% of new EVs being driven off the lot are leased. Polzin says this gives owners more options down the road, as technology changes and batteries get better in future EV models.

Another issue relates to overall range and charging infrastructure, with recent studies suggest this is why many EV owners are still holding on to at least one of their gas-powered vehicles.

"I do sometimes think about what if I can't charge this or get to a charge, or what if electricity goes out, so we still did want to have a gas car," said Mark, who recently bought a Cybertruck. He has no plans to give that vehicle up.

Factoring in all of that, Polzin has some advice for anyone considering to buy a new electric vehicle.

"Make sure you understand what's available, what the cost situation is, what's going to be available in the near future, and then make those decisions. Certainly look at the buy versus versus lease option as well," said Polzin.

The EV owners we talked to agree.

"Definitely do your research," said Ryan. "Understand what type of driver you are. If you do a lot of driving long distance, I would not necessarily recommend an EV car right off the bat."