Consumer appetite rises for EVs and hybrids as next vehicle purchase

Over half of car buyers expect their next purchase to be either an electric vehicle (EV) or hybrid, according to the latest Motors Consumer Insight Panel.

Nearly a quarter (22%) expect to buy an EV, the highest rate recorded by the research which has been polling buyers since 2018, compared to just 6% who currently own one.

While 30% of buyers expect to choose a full hybrid or plug-in hybrid electric vehicle (PHEV), up from 11% who currently own one.

These gains for alternatively fuelled vehicles are at the expense of traditional combustion engine cars with expected petrol ownership dropping from 64% to 37% in the next buying cycle and diesel down from 20% to 10%.

The Consumer Insight Panel, which is independently researched by Insight Advantage, polled the views of 2,002 car buying decision makers in May.

The research also found most potential EV buyers are focused on buying new (57%) and nearly new (27%), rather than used (17%).

While hybrid consideration is more balanced between new (37%), nearly new (33%) and used (30%).

Lucy Tugby, marketing director of Motors, said: “Despite the widely reported slowdown in the sale of new EVs to retail customers, our research shows the likelihood of buyers considering one for their next purchase is the highest it has ever been.

"However, consideration for EVs is clearly higher than the day-to-day reality.

"We believe the primary barrier remains pricing, particularly in the used segment, although they are becoming more affordable as the car parc grows."

Tugby said the preference for new and nearly new is understandable in terms of gaining access to the latest technology and longer ranges.

She added: "We think it is important for dealers to be aware that consumers are openly thinking about the transition and consider these vehicles in their stock mix."