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More than four in 10 buyers (43%) are aware that the price of many used electric vehicles has fallen, with the highest level of awareness among young male buyers.
According to research conducted by eBay Motor Group, if prices continue to fall 10% say they will hold off on buying for up to three months, 15% from four to six months and a further 15% for seven to 12 months.
While many buyers are waiting for further price reductions, the research also shows a high level of interest among buyers for alternative fueled vehicles, with 42% searching for EVs online and 33% for plug-in hybrids (PHEVs).
The Consumer Insight Panel study was conducted during the first week of March by Insight Advantage, an independent market research firm, and surveyed the opinions of more than 2,000 UK car buyers.
“With the price of used EVs going through volatile times, our Consumer Insights Panel research sheds some light on how it impacts buying decisions today,” said Lucy Tugby, director of marketing for eBay Motors Group.
“Savvy customers are holding back in the hope that prices for used EVs will continue to fall. This consumer uncertainty means dealers need to nurture incoming prospects more carefully than usual and think about their messages to customers.
“We expect used EV prices to eventually find levels once the wholesale decline in values stabilizes and is more in line with consumers’ expectations and budgets,” he said.
Overall, when asked what they expect from the car’s next line of fuel, buyer interest in EVs picked up slightly after dropping last November.
“During 2022 we see buyer interest in EVs starting to decline. This indication of recovery, with two in 10 buyers now expecting their next car to be an EV, is likely driven by a multitude of factors including increasing acceptance and understanding of the cost of living crisis, completion of payment reviews, and expanding EV reach. brands and models coming to market,” said Tugby.
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