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Jato Dynamics has reported that 8 in 10 (80%) of buyers say the option to pay monthly will make them more likely to choose an EV.
According to the report, 1 in 5 (21%) are preparing to buy an EV next year, while another 27% are thinking about buying an EV. With good battery range (51%) cited as the top reason that will drive respondents to buy an EV, followed by convenient recharging (45%), monthly finance options will allow consumers to try before they buy – with the potential to allay widespread concern over range, and charging availability.
A number of factors are driving the shift away from traditional ownership models, with almost a third (31%) citing affordability as the main motivator to rent a vehicle.
This is followed by a quarter (25%) of people who believe that buying a vehicle with finance allows them to get a better car, and the same number say financing options are better for the budget.
Mike Bennett, product manager at JATO Dynamics, said: “The skyrocketing EV market opens up a wealth of opportunities for OEMs and dealers alike. But with any major industrial transformation, these opportunities don’t come without challenges. Financial options aside, other factors – such as the reliability of EV charging – will play an important role in mass adoption as more consumers want to try EVs.”
Consumers are also increasingly interested in alternative ownership options. In the next two years, more than half of respondents (51%) plan to use a co-ownership model, with half of them citing cost reduction as their motivation.
Higher quality vehicles (34%) and lower prices (33%) are significant drivers of growing appetite for shared mobility services, while location can also be seen as a driving factor.
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