Three-quarters are ‘seriously concerned’ about second-hand electric cars, as battery concerns rank highest

Three in four motorists are hesitant about buying a second-hand electric vehicle, with the biggest problem being the remaining battery life, a new poll shows.

Around 75 percent of British drivers say they have ‘serious concerns’ about purchasing a second-hand electric car, highlighting the huge uphill battle the industry and manufacturers face to convince people to opt for battery-powered cars emphasizes.

This hesitation to own a used electric car could already be affecting used car retailers, who are taking over a larger inventory of battery cars that a limited number of customers want to buy.

The findings, from an Autocar survey of 1,462 motorists, revealed the biggest concern when considering a used EV: battery wear and tear from charging by the previous owner(s).

Although warranties on EV batteries in Britain are legally required to last at least eight years, 47 percent of respondents said they would be more likely to buy an electric car if the warranty was even longer.

Despite this desire for aftersales protection, two-thirds (67 percent) of respondents in the survey did not purchase an aftersales package when purchasing their most recent car, whether electric, petrol or diesel.

Of survey participants who had never purchased an electric car, almost half (47 percent) said they would outright refuse to buy a used electric car.

Nearly two-thirds (62 percent) are also being put off switching from their current petrol or diesel car to an electric car because battery models are still more expensive to insure, despite being generally cheaper to run.

A combination of low consumer interest and last year’s ‘shocking depreciation’ of electric cars has made half of car dealers reluctant to buy them to supply their forecourts, a report earlier this year found.

In March, electric car owners were warned to ‘expect little enthusiasm’ if they wanted to sell their battery-powered cars to dealers.

In a survey of 66 independent dealers across the country, conducted by trading platform HonkHonk, used car dealers were asked whether their attitude towards buying electric cars for their forecourts had changed compared to 12 months earlier.

More than half said their intention to buy electric car shares had declined after thousands of euros wiped off the value of these cars when prices plummeted last year.

More than a third (38.5 percent) said they were ‘much less interested’, while a further 12.3 percent were ‘slightly less interested’ in purchasing new EV stock.

In contrast, only 7.7 percent responded to the survey that they were much more or somewhat more interested in acquiring electric cars from owners.

Dealers’ refusal to take on new stock of electric cars could drive values ​​down even further, with owners forced to take less if they want to replace them with something else.

Autocar Business editor Mark Tisshaw said there remains ‘a natural scepticism’ around electric cars as they are still relatively new to the public consciousness.

‘Manufacturers and retailers are trying to address these concerns by offering extended battery warranties and after-sales packages, but our research shows that this is currently not enough to convince a majority of used car buyers to go electric’ , he explains.

“There are also very real concerns about insurance costs that are not going away.

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

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

Just 10,000 used electric models were listed for sale on the website last month for less than £15,000.

For comparison: there were 350,000 second-hand petrol or diesel cars in the same price range.

Industry data shows that for the first time, more than 100 different electric models are now available from UK dealers – an increase of more than 500 percent compared to a decade ago.

And with more than a million EVs registered on UK roads, the second-hand market is expected to grow, and prices to fall as a result.

However, Auto Trader says the rise in new electric car sales does not yet deliver a budget-friendly second-hand selection of battery cars.

This is despite the fact that commonly used battery models fell in value by as much as 40 percent last year due to a broader dip in appetite.

Some of the biggest used car price drops in 2023 have been luxury models which – even with a dramatic loss in value – still cost over £15,000, while the volume of cheaper options is relatively low due to the small numbers recorded during the EV’s infancy market.

The growth of the second-hand market has been slowed by the recent decline in demand for new EV models.

Industry figures indicate a serious lack of appetite among private buyers, with the number of fleets and companies responsible for registering electric vehicles growing thanks to lucrative tax-saving benefits.