- Consumer data indicates more information will help kickstart the used EV market
- Battery health information is a huge issue for motorists
- Many car buyers are unaware of price and a majority have little brand loyalty
Information that’s both more comprehensive and useful – about used EV vehicles – will help kickstart a used EV economy, according to Chris Green of Regit, a digital garage for vehicle owners.
Writing in Cox Automotive’s latest quarterly insight, AutoFocus, Founder and CEO Chris said Regit’s recent survey of digital garage holders underlines a sense of optimism in the used EV sector, where encouraging numbers of motorists would be happy to consider buying such a vehicle provided the “information gap” was closed.
“A key example of this is battery health. 96% of those surveyed listed this as a key requirement when assessing a used EV online”, he said. “In contrast, two in three said battery health itself was a more important requirement than range – yet there is virtually no online presence or record of battery health across retailer and dealer sites.”
He added that it’s all too easy to see the outlook in used EVs as bleak, especially as dealers appear to be significantly reducing stock as it simply won’t sell.
Cox Automotive’s Insight and Strategy Director Philip Nothard echoed the positive findings of the Regit survey.
“The survey’s findings point to a much-needed dollop of optimism that the used market needs, while also underlining some of the work that needs to be done to market EVs more effectively. The picture may look bleak, but circumstances and priorities can change to increase the sales of used EVs.”
More information means more clued-up buyers
Regit’s survey says just as many motorists consider warranty as important a part of their decision-making as battery health, while 76% say there is a distinct lack of information about EVs online to help inform a switch.
Brand loyalty is another area that produced interesting results in the survey. Chris said it is as low as he can remember as we move towards greener motoring.
He added: “76% of those surveyed saying they would be less brand loyal, whereas 65% of our users said they will be actively considering a new brand when looking for an electric vehicle, e.g., Polestar, Genesis or one of the new Asian brands.”
Pricing and brand loyalty
According to Regit’s survey, many people simply don’t know what your average used EV will cost.
Chris said: “We asked our audience if they roughly know the price of a VW ID.3. with 30,000 miles on the clock.
“80% didn’t realise that with some savvy shopping, you can pick one up for under £20,000 – yet 64% say price is a barrier to sale. £20,000 is still a lot of money, but many would say a low-mileage, two-year-old hatchback from a semi-premium brand at that price represents a good deal.”
He concludes that dealers on the front foot and using data and technology to create more proactive lead gen strategies that “put great offers in front of customers” will do much of the spade work to accelerate the shift to electric.
Philip Nothard said: “There are many great deals currently out there for the canny car buyer in today’s used EV market. Dealers should take heart from Regit’s survey and consider how they can better get across the price, quality and reliability of the stock on their forecourt.”
Read the latest AutoFocus here.