The demand for used electric vehicles (EVs) and hybrids is on the rise, with many buyers considering them for their next car purchases, according to Motors.
Its latest Consumer Insight Panel revealed that a significant 58% of buyers indicated a willingness to purchase a used hybrid if the price and condition were right, while 50% expressed similar sentiments towards used EVs.
Currently, 8% of buyers have already bought a used hybrid, and 3% have purchased a used EV. Buyers are fairly split between those who prefer new hybrids (17%) and those leaning towards new EVs (19%).
The interest in used hybrids and EVs is particularly strong among women, individuals under 45, and those planning to start their car search within the next 12 months.
The research, which surveyed over 2,000 potential buyers, highlighted that EV ownership has reached its highest level (6%) since the initial Consumer Insight Panel study in 2018.
Potential buyers of used EVs are considering vehicles priced up to £21,277 and no older than two years. However, men are willing to spend more (£22,598) compared to women (£19,858). Those intending to purchase within the next three months are ready to pay even higher prices, averaging £25,585, for slightly newer models around 21 months old.
As numerous international EV brands enter the new car market, buyers are increasingly open to used models from these brands too. Over a third (37%) of respondents stated they would consider a used EV regardless of the brand’s origin, with women being more receptive (43%) compared to men (31%).
“Demand for used hybrids and EVs on the Motors platform has been steady, but we anticipate a gradual increase in listings as more fleet vehicles enter the used market,” said Lucy Tugby, marketing director of Motors.
“Our Consumer Insight Panel research reveals a growing appetite among used car buyers for alternatives to petrol and diesel cars, with hybrids emerging as the most popular alternative. This trend is particularly evident among buyers who are not ready to fully transition to EVs.
“Pricing remains a significant barrier to the widespread adoption of used EVs. However, our research suggests that dealers offering EVs priced up to £21,277 and less than 25 months old could appeal to this evolving consumer market,” Tugby added.