Price drops not enough to convince buyers to switch to EVs

Most buyers will not consider used EVs despite drops in prices and improved supply, according to JudgeService research which polled the views of 5,789 buyers.

Just over half are not considering purchasing a used EV and only one in five (20%) said they would.

Neil Addley, MD of JudgeService, said: “There’s no getting away from the fact that used EVs are a tough sell for many dealers. This is not helped by the perception among consumers that prices are still too high.

“However, for dealers pricing is a barrier they can address as retail prices have fallen dramatically over the last 18 months, resulting in greater EV parity with similar combustion engine models.

“The dealers who successfully communicate this to customers through marketing and face to face conversations are the ones achieving incremental used EV sales successes.

“Buying an EV is not for everyone, but as used volumes steadily grow, understanding and overcoming the main objections could make all the difference.”

Older buyers were the most reluctant to buy EVs. More than half of those aged over 56 said they would not consider one.

The age group most likely to consider buying an EV was 26-35 year olds.

Top three barriers to EV consideration remained unchanged YoY. Cost of purchase (51%), down from 63% in 2023, followed by insufficient public charging points (45%), down from 58% last year, and range anxiety (40%) down from 46% last time.

The only notable increase YoY was trust in EV technology, a concern for 24%, up from 19% last year.