Consumer appetite for used EVs uncertain, despite price drops

Most car buyers will not consider buying a used electric vehicle (EV), despite falling prices and improved supply, according to research by JudgeService.

The review platform polled the views of 5,789 buyers for the forthcoming JudgeService 2024 State of the Nation to identify the latest market trends impacting dealers.

The research found just over half are not considering purchasing a used EV, while only one in five (20%) said they would.

Reluctance to purchase used EVs was strongest among older buyers, with over half of those aged over 56 saying they would not consider one. The age group most receptive was 26-35 year olds.

The top three barriers to EV consideration have remained unchanged year-on-year, led by cost of purchase, a deal breaker for just over half (51%), although that was down from 63% in 2023.

Insufficient public charging points was cited by 45%, down from 58% last year. While ongoing worries about range remains a concern for 40%, down from 46% last time.

The only notable increase year-on-year was around trust in the technology used in EVs, a concern for nearly a quarter (24%), up from 19% last year.

Neil Addley, managing director of JudgeService (pictured), said: "There’s no getting away from the fact that used EVs are a tough sell for many dealers. This is not helped by the perception among consumers that prices are still too high.

“However, for dealers pricing is a barrier they can address as retail prices have fallen dramatically over the last 18 months, resulting in greater EV parity with similar combustion engine models.

"The dealers who successfully communicate this to customers through marketing and face to face conversations are the ones achieving incremental used EV sales successes.

“Buying an EV is not for everyone, but as used volumes steadily grow, understanding and overcoming the main objections could make all the difference."