CARS.COM REPORTS 82% OF HOLIDAY TRAVELERS WILL ROAD-TRIP THIS MEMORIAL DAY, WITH MORE THAN HALF CARPOOLING TO SAVE ON GAS

Rhea-AI Summary

Cars.com conducted a survey revealing that 82% of Americans plan to travel by car this Memorial Day, despite record-high gas prices. While overall travel is up 8% compared to 2021, car travel has slightly decreased (7%) due to inflation and gas prices rising nearly 35% year-over-year. Notably, 11% of holiday travelers will use electric vehicles (EVs), with EV drivers reportedly saving $110 to $180 on fuel costs for three to five trips. The survey indicates a changing travel pattern, with increased carpooling and meticulous planning for charging stations among EV users.

Positive

• 11% of holiday travelers will opt for electric vehicles, indicating a growing acceptance of EVs.
• EV drivers can save between $110 to $180 on fuel costs for three to five trips, highlighting economic advantages amid high gas prices.

Negative

• Car travel has decreased by 7% compared to last year due to high gas prices and rising inflation.
• High gas prices are discouraging some consumers from road trips, affecting overall car travel trends.

11% of Holiday Travelers Will Opt for an EV-Powered Road Trip

CHICAGO, May 23, 2022 /PRNewswire/ -- A car-shopping marketplace Cars.com™ (NYSE: CARS) survey found that despite a almost 35% year-over-year increase in gas prices, 82% of Americans who are planning to travel this Memorial Day will do so by car. Overall travel across all modes of transportation is up 8% for the holiday weekend compared to 2021, but car travel is down slightly (7%) primarily due to high gas prices, a general desire to save money due to rising inflation, and lingering COVID-19 concerns.

"Record-high gas prices aren't scaring away as many avid road trippers this Memorial Day as one would think," said Jenni Newman, Cars.com's editor-in-chief. "It seems many Americans are willing to pay a premium to take some time off and celebrate the holiday. But the nature of the road trip is changing: Carpooling is no longer just for work and school commutes, and routes and destinations are being shaped by the availability of EV infrastructure for a growing number of travelers."

Eighty-seven percent of consumers surveyed by Cars.com say they will be traveling with others this holiday weekend, with 51% citing high gas prices as a driver. For those traveling by car, 11% will be taking an electric vehicle on the road.

Newman adds, "An EV road trip means more than just relief at the pump; it adds a whole new element to the trip including accounting for charging opportunities across a country that's still building up its EV infrastructure."

EV-Powered Memorial Day Road Trip
According to Cars.com's survey, 47% of EV owners take three to five road trips a year. While most road trips look similar despite your vehicle type, there are a few key differences EV drivers should be prepared for:

• Save almost 25% at the pump: With gas prices in the U.S. now hovering around $4.59 on average per gallon for regular, EV drivers could save an average of $110-$180 for those three to five trips this year, assuming they are traveling about 200 miles at a time. While savings can vary depending on the vehicle, weight and other factors that impact fuel efficiency, if, for example, a driver of a 2022 Volkswagen Tiguan will spend $18.36 in gas (at $4.59 a gallon) to go 100 miles, a driver of a comparable 2022 Volkswagen ID.4 will spend $4.32 per kilowatt-hour ($1.08 charge) to go 100 miles. That's almost 25% more for a gas power vehicle than an EV, according to the EPA.
• Pre-trip planning is a must: More than three-fourths (76%) of EV drivers surveyed map out charging stations before setting out on a trip. Interestingly, respondents over 55 are significantly more likely (60%) to not map out charging stations prior to starting out than those 18-34 (15%) and 35-54 (11%).
• Expect more stops along the way: EV drivers should plan for more frequent stops (two or three times) compared to their fuel-powered counterparts (one or two times) to recharge their vehicle. Clearly, risk takers who ride the fuel gauge past "E" exist in the EV world, too; the majority of EV owners say they charge at 30% or lower despite industry experts' recommendations to charge at about 50%.

To learn more about the recent Memorial Day survey, great deals and other car-buying tips and tricks, please visit Cars.com/events/Memorial-Day.

*All survey data is from a Cars.com consumer survey, May 4-9, 2022, 1,620 responses.

ABOUT CARS.COM
CARS is the leading automotive marketplace platform that provides a robust set of digital solutions that connect car shoppers with sellers. Launched in 1998 with the flagship marketplace Cars.com and headquartered in Chicago, the Company empowers shoppers with the data, resources and digital tools needed to make informed buying decisions and seamlessly connect with automotive retailers. In a rapidly changing market, CARS enables dealerships and OEMs with innovative technical solutions and data-driven intelligence to better reach and influence ready-to-buy shoppers, increase inventory turn and gain market share.

In addition to Cars.com, CARS brands include Dealer Inspire, a technology provider building solutions that future-proof dealerships with more efficient operations and connected digital experiences; FUEL, which gives dealers and OEMs the opportunity to harness the untapped power of digital video by leveraging Cars.com's pure audience of in-market car shoppers; DealerRater, a leading car dealer review and reputation management platform; automotive fintech platform CreditIQ and Accu-Trade a vehicle valuation and appraisal technology.

The full suite of CARS properties includes Cars.com™, Dealer Inspire®, FUEL™, DealerRater®, CreditIQ™, Accu-Trade.com™,  Auto.com™, PickupTrucks.com™ and NewCars.com®. For more information, visit www.Cars.com.

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SOURCE Cars.com Inc.

FAQ

What percentage of holiday travelers will use electric vehicles this Memorial Day?

11% of holiday travelers will opt for electric vehicles this Memorial Day.

How much can EV drivers save on fuel costs according to the Cars.com survey?

EV drivers can save between $110 to $180 on fuel costs for three to five trips.

What was the increase in gas prices year-over-year mentioned in the press release?

Gas prices have increased by nearly 35% year-over-year.

What is the main reason for the slight decrease in car travel this Memorial Day?

The slight decrease in car travel is primarily due to high gas prices and rising inflation.