11:17 am, June 7, 2024
Digital marketplace Motors is backing demand for used EVs and hybrids to grow in the near future amid a shift in buyer behaviour.
The firm’s latest consumer insight panel found that more than half of buyers (58%) would consider buying a used hybrid as their next car.
Meanwhile, exactly half (50%) would not rule out a second-hand electric car as their next vehicle purchase if it was ‘the right car at the right price’.
Of the 2,008 drivers surveyed, only 8% had already owned a used hybrid, with even fewer (3%) saying they have previously bought a used EV.
Meanwhile, 17% said they would only consider a hybrid if it were brand new and 19% would only buy a new EV.
Analysts at Motors have broken down the data even further to reveal that interest in used hybrids and EVs is skewed towards women, buyers aged under 45 and those expecting to start searching within the next 12 months.
The research found EV ownership is now at its highest level (6%) since 2018 when the first consumer insight panel was conducted.
When it came to price, prospective used EV buyers said they would consider vehicles priced up to £21,277 and aged up to two years old. However, men were prepared to spend more (£22,598) than women (£19,858).
Those purchasing within the next three months say they are prepared to pay more (£25,585) but expect the cars to be younger at around 21 months.
The data also showed less interest in brand names from buyers of electrified cars with over a third (37%) saying they would consider a used EV from any brand regardless of origin.
Reacting to the findings, Motors’ marketing director, Lucy Tugby, said: ‘Demand for used hybrids and EVs across the Motors platform has been steady for some time now but we expect to see a gradual increase in listings as more defleeted vehicles enter the used market.
‘Our consumer insight panel research shows there is an appetite among used cars buyers to consider alternatives to petrol and diesel cars, with hybrid the strongest alternative, especially among buyers unable or unwilling to make the bigger switch to EVs.
‘Pricing remains a major barrier to used EV adoption, although our research shows dealers listing EVs up to £21,277 and under 25 months could be hitting the sweet spot of this evolving consumer market.’
