Comprehensive and useful information on used EV vehicles will help kickstart the market, driving demand, according to automotive technology firm Regit.

“Encouraging” numbers of motorists would be happy to consider buying a used EV, provided the so-called information gap was closed

Writing in Cox Automotive’s latest AutoFocus quarterly insight, founder and CEO Chris Green said “encouraging” numbers of motorists would be happy to consider buying such a vehicle, provided the so-called information gap was closed.

Figures in Regit’s recent survey of digital garage holders underline a sense of optimism in the used EV sector – but show that battery health information is a huge issue for motorists

“96% of those surveyed listed this as a key requirement when assessing a used EV online,” Green said. “In contrast, two in three said battery health itself was a more important requirement than range – yet there is virtually no online presence or record of battery health across retailer and dealer sites.”

Regit’s survey says just as many motorists consider warranty as important a part of their decision-making as battery health, while 76% say there is a distinct lack of information about EVs online to help inform a switch.

According to Regit’s survey, many people simply don’t know what your average used EV will cost.

Green said: “We asked our audience if they roughly know the price of a VW ID.3. with 30,000 miles on the clock.

“80% didn’t realise that with some savvy shopping, you can pick one up for under £20,000 – yet 64% say price is a barrier to sale. £20,000 is still a lot of money, but many would say a low-mileage, two-year-old hatchback from a semi-premium brand at that price represents a good deal.”

Brand loyalty is another area with some interesting results in the survey. Green said it was as low as he can remember in the move towards greener motoring.

He added: “76% of those surveyed saying they would be less brand loyal, whereas 65% of our users said they will be actively considering a new brand when looking for an electric vehicle, e.g., Polestar, Genesis or one of the new Asian brands.”

Green continued that while all too easy to see the outlook in used EVs as bleak, the remarketing sector can use data and technology to create more proactive lead gen strategies that “put great offers in front of customers”. This will do much of the “spade work” to accelerate the shift to electric.

Cox Automotive’s insight and strategy director Philip Nothard echoed the positive findings of the Regit survey.

“The survey’s findings point to a much-needed dollop of optimism that the used market needs, while also underlining some of the work that needs to be done to market EVs more effectively. The picture may look bleak, but circumstances and priorities can change to increase the sales of used EVs.”

Analysis published by the Green Finance Institute (GFI) earlier this year also found that assurances on the health of second-hand EV batteries could dramatically increase electric vehicle take-up, helping to fast-track the UK’s EV transition by more than a decade. While some 61% of drivers say they would purchase an EV, over a quarter of them would not buy a used EV unless concerns are addressed, of which battery health is the top worry.

The Government has said it recognises the importance of the second-hand market to the transition to zero-emission vehicles. It’s convened a working group to identify potential barriers and solutions to the take-up of used EVs and also announced plans to make battery state of health (SOH) monitors compulsory on all new electric vehicles, helping to support consumer confidence.

The latest issue of Cox Automotive’s AutoFocus is available here.