The appetite among buyers planning to switch to fully electric models for their next car remains strong as purchasing barriers start to diminish, according to new research commissioned by MOTORS.
EV ownership has grown to the highest level (8%) ever recorded by the Consumer Insight Panel, with 19% of the 2,000 buyers polled saying they expect their next car to be an EV, a level consistent with previous surveys.
The research found the most common barriers to buying and owning an EV have fallen since 2022. Although access to charging points remains the biggest concern, it has fallen from 44% to 39%, range anxiety is unchanged at 34%, while cost has reduced from 42% to 33%. The only area of concern to increase is the cost of insurance which jumped from 8% to 16%.
Interest in hybrids was even stronger than EVs, currently accounting for 10% of owned vehicles and likely to jump to 31% when buyers choose their next car.
Nearly half of those looking to purchase an EV are focused on new models (49%), followed by nearly new cars aged up to two years old (41%) and used (34%). While the propensity to buy used EVs increases according to when buyers plan to purchase, rising from 24% in the next two years to 39% in over two years.
However, 28% said they will never buy an EV. These were mostly women and over-45s with household incomes below £30,000.
Overall, petrol remains the most popular fuel choice among 60% of owners, although that looks set to drop to 35% in the next buying cycle, while diesel is likely to fall from 22% to 14%.
Looking specifically at used car buying trends, only one in 10 buyers (10%) said they will not consider a secondhand petrol or diesel car.
“Our latest Consumer Insight Panel highlights how EV ownership has increased significantly, with consideration set to grow in the next buying cycle, despite the emergence of a distinct group of EV rejectors,” said Lucy Tugby, Marketing Director of MOTORS.
“For dealers this presents opportunities given that wholesale and retail prices of used EVs have stabilised,” she said.
“The findings also highlight the current concerns and pain points which dealers should address in their sales and marketing communications to improve the confidence of potential EV buyers.
“Clearly EVs are not for everyone, which is why there is an ongoing need for dealers to stock a mix of fuel types to match differing buyer needs,” said Tugby.
