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Determinants of Electric Vehicle Purchasing Decisions: Implications for Government Policies
This study explores the primary factors influencing consumer decisions in the purchase of electric vehicles (EVs), a promising solution for reducing the significant emissions produced by the transportation sector. The research employs a hybrid model, combining the random coefficients discrete choice model (Berry, Levinsohn, and Pakes, 1995) with the total cost of ownership (TCO) model. The analysis of vehicle registration data from New York State, spanning from January 2021 to September 2023, reveals the critical role of TCO in shaping consumers' demand for electric vehicles. The findings have significant implications for government policies aimed at promoting sustainable transportation and underscore the need for comprehensive models in predicting consumer purchasing behavior in the EV market.
