Three in four motorists don’t want a used electric vehicle, with the biggest issue being the remaining life in the battery, according to a new poll.
Some 75 per cent of UK drivers say they have ‘serious concerns’ about purchasing a second-hand EV, further highlighting the massive uphill battle facing industry and manufacturers to convince people to choose battery-powered cars.
And a hesitancy to buy EVs could already be hitting retailers, as used car dealership are forced to deal with increased stock that a limited number of customers want to buy.
A new poll of UK drivers has found that three quarters have ‘serious concerns’ about buying a used electric vehicle
The findings, from an Autocar poll of 1,462 motorists, revealed the leading concern when considering a used EV is wear on the battery from the previous owner(s) recharging.
While EV battery warranties are required by law to last at least eight years in the UK, 47 per cent of those surveyed said that they would be more likely to buy an electric car if the warranty was even longer.
Despite this desire for aftersales protection, two-thirds (67 per cent) of the survey respondents did not purchase an aftersales package when buying their most recent car, regardless of whether it was electric, petrol or diesel.
Of those participants in the study who had never bought an EV, nearly half (47 per cent) said they would flat-out refuse to buy a second-hand electric car.
Nearly two-thirds (62 per cent) are also deterred from converting from their current petrol or diesel car in favour of an EV because battery models still cost more to insure, despite being cheaper to run in general.
Electric vs petrol: Compare the Market analysed costs for typical 45 to 54-year-old motorists, including insurance, fuel and road taxes
A combination of low consumer appetite and ‘shocking depreciation’ of electric cars seen last year has made half of motor dealers wary of buying them to stock their forecourts, according to a report earlier this year.
In March, owners of EVs were being warned to ‘expect little enthusiasm’ when trying to sell their battery-powered cars to dealerships.
In a survey of 66 independent dealers across the country conducted by trading platform HonkHonk, second-hand motor traders were asked if their attitude toward buying EVs for their forecourts had changed compared with 12 months earlier.
More than half said their intention to purchase stock of EVs had declined having seen thousands of pounds wiped off the value of these cars when prices plummeted last year.
Over a third – 38.5 per cent – said they were ‘much less interested’, while another 12.3 per cent were ‘a bit less interested’ to take on fresh EV stock.
In contrast, only 7.7 per cent answered the survey to say they were much more interested or a bit more interested in taking on electric cars from owners.
Dealers’ refusal to take on fresh stock of EVs could push values even lower, with owners forced to take less if they want to replace them with something else.
A poll of 1,462 motorists conducted by Autocar revealed the leading concern for drivers when considering a used EV is wear on the battery from the previous owner(s) recharging
Autocar Business editor Mark Tisshaw, said there remains ‘a natural scepticism’ surrounding electric cars due to them being still relatively new in the public consciousness.
‘Manufacturers and retailers are moving to dispel these concerns by offering comprehensive battery warranties and aftersales packages but our research shows this is not enough presently to convince a majority of second-hand car buyers to go electric,’ he explained.
‘There are also very real worries around insurance costs that are not going away.
‘As more electric cars enter the mainstream second-hand market, buyers need an extra level of reassurance and confidence in a technology the vast majority will be experiencing for the first time.’
Earlier this week, Auto Trader warned that a lack of cheap used EVs available to UK buyers was playing a significant part in stalling Britain’s switch to greener cars.
It found there were just 10,000 used electric models advertised for sale on its website for less than £15,000 last month.
In comparison, there were 350,000 second-hand petrol or diesel cars in the same price bracket.
Industry data shows that more than 100 different electric models are now available in UK dealers for the first time – an uplift of more than 500 per cent compared with a decade ago.
And with over a million EVs now registered on Britain’s roads, the expectation is that the used market will grow, and prices will drop as a result.
However, Auto Trader says the increase in sales of new EVs is not yet providing budget-friendly second-hand selections of battery cars.
As more EVs enter the second-hand market, buyers need an extra level of reassurance and confidence in a technology the vast majority will be experiencing for the first time
Mark Tisshaw, Autocar Business editor
This is despite many year-old used battery models plummeting in value by as much as 40 per cent last year as a result of a wider dip in appetite.
Some of the most significant second-hand price fallers in 2023 were luxury models that – even with dramatic value loss – are still over £15,000, while the volume of cheaper options is relatively low due to the small numbers registered during the infancy of the EV market.
Slowing down the growth of the used market is the recent slip in demand for new EV models.
Industry figures point to a severe lack of appetite amongst private buyers, with fleets and businesses responsible for EV registrations growing on the back of lucrative tax-saving benefits.
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