Three out of four drivers don’t want second-hand electric vehicles, and there’s a MAIN reason for that

Three out of four drivers don’t want a used electric vehicle, and the biggest problem is remaining battery life, according to a new survey.

Around 75 per cent of UK drivers say they have “serious concerns” about buying a second-hand electric vehicle, further highlighting the huge uphill battle the industry and manufacturers face to convince people to choose battery-powered cars.

And hesitancy to buy electric vehicles could already be affecting retailers, as used car dealers are forced to deal with a surge in stock that a limited number of customers want to buy.

The findings, from an Autocar survey of 1,462 drivers, revealed that the main concern when considering a used electric vehicle is battery wear and tear due to recharging by the previous owner.

While electric vehicle battery warranties are required by law to last at least eight years in the UK, 47 per cent of respondents said they would be more likely to buy an electric car if the warranty was even longer.

Despite this desire for after-sales protection, two-thirds (67 per cent) of respondents did not purchase an after-sales package when they bought their most recent car, regardless of whether it was electric, petrol or diesel.

Of the study participants who had never purchased an electric vehicle, almost half (47 percent) said they would flatly refuse to buy a second-hand electric car.

Almost two-thirds (62 per cent) are also deterred from swapping their current petrol or diesel car for an electric vehicle because battery models still cost more to insure, despite being cheaper to run overall.

A combination of low consumer appetite and a “shocking depreciation” of electric cars seen last year has made half of car dealers cautious about purchasing them to supply their service stations, according to a report from early this year.

In March, electric vehicle owners were warned to “expect little enthusiasm” when trying to sell their battery-powered cars to dealers.

In a survey of 66 independent dealers nationwide by trading platform HonkHonk, second-hand motor dealers were asked whether their attitude toward purchasing electric vehicles for their service stations had changed compared to 12 months earlier. .

More than half said their intention to buy electric vehicle stocks had decreased after seeing thousands of pounds of value in these cars wiped out when prices plummeted last year.

More than a third (38.5 per cent) said they were “much less interested”, while another 12.3 per cent were “somewhat less interested” in acquiring new stock of electric vehicles.

By contrast, only 7.7 percent responded to the survey and said they were much more interested or somewhat more interested in purchasing electric cars from owners.

Dealers’ refusal to buy new stock of electric vehicles could drive values ​​down further, forcing owners to buy less if they want to replace them with something else.

Autocar Business editor Mark Tisshaw said there remains “a natural skepticism” around electric cars because they are still relatively new to the public consciousness.

“Manufacturers and retailers are taking steps to allay these concerns by offering extensive battery warranties and after-sales packages, but our research shows this is currently not enough to convince the majority of second-hand car buyers to go electric. “he explained.

‘There are also very real concerns around insurance costs that are not going away.

“As more electric cars enter the second-hand market, buyers need an extra level of peace of mind and confidence in a technology that the vast majority will be experiencing for the first time.”

Earlier this week, Auto Trader warned that the lack of cheap used electric vehicles available to UK buyers was playing a major role in stall Britain’s shift towards greener cars.

It discovered there were only 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 range.

Industry data shows that more than 100 different electric models are now available in UK dealerships for the first time, an increase of more than 500 per cent compared to a decade ago.

And with more than a million electric vehicles registered on British roads, the expectation is that the used market will grow and prices will fall as a result.

However, Auto Trader says the increase in sales of new electric vehicles is still not providing affordable second-hand battery car selections.

This is despite the value of many year-old used battery models falling by up to 40 percent last year as a result of a broader decline in appetite.

Some of the second-hand prices that fell the most in 2023 were luxury models which, even with a dramatic loss in value, are still over £15,000, while the volume of cheaper options is relatively low due to small quantities recorded during the infancy of electric vehicles. market.

The recent drop in demand for new electric vehicle models is slowing the growth of the used market.

Industry figures point to a serious lack of appetite among private buyers, with fleets and companies responsible for electric vehicle registrations growing thanks to lucrative tax saving benefits.