Findings:
Strong interest in used hybrids and EVs: 58% of buyers would consider a used hybrid, and 50% would consider a used EV.
Increasing EV ownership: EV ownership is at its highest level since 2018.
Price sensitivity: Prospective buyers are willing to consider used EVs up to £21,277 and two years old, with some variation based on gender and purchase timeframe.
Openness to new brands: Over a third of buyers are open to considering used EVs from any brand, regardless of origin.
Key Takeaway:
There is a growing appetite among used car buyers for alternatives to petrol and diesel cars, with hybrids being the strongest alternative. Pricing remains a major barrier to used EV adoption, but the sweet spot for this market seems to be EVs under £21,277 and under 25 months old.
Trend:
The demand for used hybrids and EVs is steadily increasing, and this trend is expected to continue as more defleeted vehicles enter the used market.
Conclusions:
The used hybrid and EV market presents a significant opportunity for dealers, particularly those who can offer vehicles within the desired price range and age. As more consumers consider alternatives to petrol and diesel cars, the demand for used hybrids and EVs is likely to grow further.
Implications for Brands:
Pricing: Brands should price their used EVs competitively to attract buyers in this price-sensitive market.
Age: Focusing on younger used EVs (under 25 months) could appeal to a broader range of buyers.
Marketing: Brands should highlight the benefits of used hybrids and EVs to educate consumers and dispel any concerns about buying used electric vehicles.
Inventory: Increasing the availability of used EVs in the market can help meet the growing demand and capture a larger market share.
New Brands: International EV brands should consider the receptiveness of buyers to their used models and tailor their marketing strategies accordingly.
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