7:23 am, October 30, 2022
One in two car buyers expect their next car to be electric or hybrid, new research has found – but the rate at which consumers are turning their backs on petrols and diesels has slowed since 2021.
That’s the findings of a new survey by eBay Motors Group. It quizzed over 2,000 new and used car buyers and found 51 per cent of buyers plan to switch to electric or hybrid for their next purchase.
However, that’s only slightly more than the 49 per cent reported in November 2021, leading the company to say the rate of EV and hybrid adoption is slowing year on year.
Drilling down into the data, eBay Motors Group found that of those buyers planning to go full electric, the rate remains virtually unchanged year-on-year at 22 per cent.
That’s a significant slowdown after the jump from 12 per cent to 21 per cent in 2021, said the company.
Hybrids remain the most popular alternative to pure petrols and diesels, accounting for 29 per cent of buyers, but the rate of change has slowed, having risen from 22 per cent to 28 per cent in 2021.
However, over half (57 per cent) of these buyers favour traditional hybrids rather than plug-in hybrids.
The survey also found some of the traditional barriers to buying an EV have diminished since last year, notably access to charging points (-12 per cent) and cost of purchase (-21 per cent).
But concerns over the cost of charging saw the biggest year-on-year increase at plus 12 per cent.
The intent to buy an EV or hybrid is strongest among new car buyers (58 per cent), with the majority (57 per cent) expecting to fund their car through a subscription.
Lucy Tugby, marketing director of eBay Motors Group, said: ‘While half of car buyers still show a strong desire to switch to electric or hybrid, the rate at which they plan to is slowing down as buyers factor in the rising cost of charging..
‘The increased cost of household energy bills is now front of mind for car buyers and could have a profound impact on electric adoption.
‘Our research identifies how 44 per cent of buyers need to change their car now out of necessity because their vehicles are getting old; the requirement for greater fuel efficiency, or a desire to switch to electric, are much lower on their list of priorities.’
She added: ‘As household budgets tighten, the challenge for dealers will be to source and stock the fuel types that customers will gravitate towards once they’ve weighed up the financial pros and cons of going electric.
‘Our research shows that while the intent to switch to electric and hybrid remains strong, there is still plenty of fuel in the tank for petrol and diesel.’
