According to a new survey by consulting firm Deloitte on Wednesday, consumer desire to purchase an electric vehicle (EV) is growing and fewer car-buyers intend to purchase a traditional gasoline-powered vehicle. However consumers are still fearful of rising prices among the new crop of EVs.

The survey, conducted between September and October 2022, noted that almost 7 in 10 prospective EV purchasers in the United States planned to pay less than $50,000 for their next vehicle.

Over half of the respondents noted that a lack of affordability was their biggest worry in pursuing the purchase of an EV, as EV makers are raising prices due to increased consumer inflation, manufacturing costs, and commodity prices.

Current prices are beginning to rise over consumer’s expectations, with Tesla Inc’s Model Y starting at $65,990, while Ford Motor Co’s Mustang Mach-E starts from $46,895.

According to Deloitte’s “2023 Global Automotive Consumer Study,” in the United States, intent to purchase an EV has risen roughly 3 percentage points year over year, with identical rises seen for hybrid electric vehicles and plug-in hybrid electric vehicles. Meanwhile intent to purchase an internal combustion engine vehicle has fallen from 68% to 62%.

Deloitte LLP vice chair Karen Bowman said, “Although historically high transaction prices are a significant challenge for consumers, a strong desire to reduce refueling costs is driving EV purchase intent around the world.”

The survey also revealed that 30% of consumers do not want anyone else to have access to data from their vehicles, which signals a significant challenge for automakers who would like to monetize their products using user data.

Users exhibited a strong preference for paying up front for connected technologies and amenities as part of the vehicle’s original transaction price, as compared with having to purchase those features as part of a subscription plan.