Demand for used EVs and hybrids is set to grow as buyers consider their next car purchases, according to MOTORS’ Consumer Insight Panel.
Most buyers (58%) said they would consider purchasing a used hybrid if it was the “right car at the right price”, with EVs also performing strongly at 50%. Overall 8% had already bought a used hybrid and 3% a used EV, with buyers evenly split between those who would only consider buying a new hybrid (17%) or new EV (19%).
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, which polled the views of over 2,000 in-market buyers, also found EV ownership is now at its highest level (6%) since 2018 when the first Consumer Insight Panel study was conducted.
Prospective used EV buyers said they would consider vehicles priced up to £21,277 and aged up to two years old, although men were prepared to spend more (£22,598) than women (£19,858).
However, 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.
With a proliferation of international EV brands making their debut in the new car market, buyers were asked how receptive they were to considering buying a used model from one of them. Over a third (37%) said they would consider a used EV from any brand regardless of origin, although women were more receptive (43%) than men (31%).
“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,” said Lucy Tugby, Marketing Director of MOTORS.
“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,” said Tugby.
