Honda e:NY1 leads charge as car makers embark on affordability push

The Honda e:NY1 has emerged as July’s most sought-after brand-new electric vehicle (EV) and the seventh most in-demand new car across all fuel types, leaping from 254th place in June in the UK.

According to Auto Trader, this battery-powered SUV is this month’s fastest-growing new car model overall and among pure electric cars, it generated more inquiries than any other model, accounting for more than one in every ten EV leads sent to retailers.

This is the second time this year that Honda’s flagship EV has topped the charts. Its rapid rise is fuelled by substantial discounts, deposit contributions, and attractive finance offers.

This trend underscores the significant impact of affordability on consumer engagement for new EVs and the strategies manufacturers are adopting to boost demand in response to this year’s ZEV Mandate targets.

Since July last year, average discounts have increased from 6.6% to 8.7%, with three-quarters of all new cars now offering some level of discount.

The average discount for EVs currently stands at 10.6%. Besides improving affordability, brands are also enhancing consumer choice. Auto Trader has recorded a 21% increase in the volume of new cars advertised on its platform from January to July.

Auto Trader’s data, based on approximately 2 million monthly new car visitors, indicates that the combination of improved choice and affordability is compelling for consumers.

Despite disruptions from the General Election and major sporting events like the Euros and Wimbledon, consumer interest in new cars remains stable, with visits to Auto Trader’s new car platform up about 6% year-on-year in July.

BYD used high-profile sponsorship of the Euros in June and July to boost brand awareness and consumer engagement. This led to a 33% increase in advert views for its new and used models compared to the previous month, positioning the BYD Seal as the UK’s fourth most viewed electric car this month, and BYD as the seventh most viewed electric brand.

However, due to its relative unfamiliarity with UK buyers, neither the Seal nor the brand made it to July’s list of top models generating the largest share of inquiries.

Among non-electric models, Volkswagen’s iconic Golf remained the most popular new car in July, with a 4.3% share of all new car inquiries. It was followed by the Range Rover (3.6%) and Defender 110 (3.1%). At a brand level, BMW (14.3%), Land Rover (12.7%), and Volkswagen (10.2%) were the top three most in-demand marques, significantly ahead of the rest, with Audi in fourth at 6.6%.

Commenting on the data, Auto Trader’s new car performance director, Bex Kennett, noted: “The new car market continues to face challenges from new regulatory targets, increased competition, growing production, and softening retail sales. However, our data offers some optimism as we approach the key plate change month of September. Manufacturers are working hard to stimulate demand, and consumers are responding.

“It will be interesting to see what other tactics manufacturers deploy over the coming months to move the needle, as they try to balance volume with the increasing pressure of the looming ZEV Mandate requirements. More choice, better deals, and getting in front of more new car buyers will be key.”