November 30th, 2022, Clifton Mark
The American market for electric and hybrid vehicles has been growing for years, with 78% of Americans now believing that electric vehicles are the future of the motor industry. As the EV industry matures, previously-owned EVs are beginning to reach the used car market. How many consumers would consider buying a used electric vehicle or plug-in hybrid, and who are they?
According to a recent survey on YouGov Realtime Omnibus, only around one in three Americans (32%) would consider buying a pre-owned electric vehicle or plug-in hybrid. That compares to 53% of Americans whose main car (electric, hybrid or combustion engine) was used when they bought it.
Almost a half would not (46%) buy a used electric/hybrid vehicle, while one in five need convincing one way or another (22% don’t know).
Consideration of used EVs is strongest among younger consumers at 42% compared to only 22% of those aged 55+.
Education and income are also correlated with consideration for these vehicles. Of consumers with high school education or less, only 22% would consider a used EV. Those with 4-year or postgraduate degrees are more than twice as likely to consider the same kind of purchase at 46% and 48% respectively. Similarly, 41% of those with $80k+ in income are open to buying a used EV or plug-in hybrid. Other income groups do not differ significantly from the overall mean of 32%.
There is also some interesting regional variation. Throughout most US regions, the interest in second-hand EVs and plug-in hybrids does not vary significantly from the national mean. The one exception is that consideration for these vehicles is higher in the West at 37%. This may be in part due to tax incentives for EV ownership in California that has led to a more developed market in EVs than in the rest of the market.
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Methodology: YouGov RealTime Omnibus provides quick survey results from nationally representative or targeted audiences in multiple markets. This study was conducted online on October 2022, with a nationally representative sample of 1166 adults in the US, using a questionnaire designed by YouGov. Data figures have been weighted by age, gender, education, region, and race to be representative of of all adults in the US. Learn more about YouGov RealTime Omnibus.
Photo by Robert Linder on Unsplash