EV ownership at highest level, says Motors

Appetite among buyers planning to switch to an EV for their next car is strong as barriers start to diminish, according to Motors research which polled 2,000 buyers.

EV ownership has grown to the highest level (8%) ever recorded by Motors’ Consumer Insight Panel.

Lucy Tugby, marketing director of Motors, said: “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.

“For dealers this presents opportunities given that wholesale and retail prices of used EVs have stabilised.

“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.”

Although 19% say they expect their next car to be an EV, 28% said they will never buy one. This group was comprised of mostly women and over-45s with household incomes below £30,000.

Access to charging remains the biggest concern (falling from 44% to 39%), range anxiety is unchanged at 34%, cost concerns have fallen (42% to 33%). Concerns about the cost of insurance are on the rise (8% to 16%).

Interest in hybrids was stronger than EVs, 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%), nearly new cars (41%) and used (34%).