In April 2022, CarGurus released the results from its annual survey of automobile owners on their sentiments towards electric vehicles (EVs). It’s the fourth year the online survey has been conducted, and the results show that EVs continue to pose a huge opportunity for dealerships and the auto industry as a whole.
Here are the key findings, plus what they mean for dealers:
As electric vehicles (EVs) continue to gain popularity in the US, this topic has taken on a heightened focus throughout the auto industry. In February, CarGurus surveyed 1,097 automobile owners in the US to get a pulse on their sentiments towards EVs. Overall, 30% of respondents noted that they were probably or definitely likely to own an EV in the next five years – a number that has doubled since 2018. And while Tesla is the trusted leader in tech development, consumers are increasingly open to other brands when it comes time to go electric.
In this emerging space, buyers are excited by the possibilities and less brand loyal, so there are opportunities for more competitors to disrupt the market. For dealers, now is the time to get ahead of the demand curve and start having conversations about electric vehicles with prospective buyers.
Below we’ve highlighted four key dealer takeaways from the study. For a summary of the results, download the CarGurus 2021 Electric Vehicle Report here.
Pent-up demand, stimulus checks, and the hope that we are past wave one of COVID-19 has spurred the recovery of US leads on CarGurus. Total lead volume is now above early-February levels.
However, not every sector of the vehicle market has seen the same recovery. For example, we know that demand for higher-priced vehicles has returned quicker than lower-priced vehicles, but each vehicle segment has behaved differently. Most notably, the electric vehicle (EV) and plug-in hybrid electric vehicle (PHEV) segments.
With established automakers like Mercedes-Benz and newcomers like Byton announcing electric vehicles (EVs) at this year’s Los Angeles Auto Show, CarGurus conducted a survey to learn more about consumers’ thoughts and experiences with EVs.
Interestingly, we found that while 64% of shoppers are excited about the prospect of saving money on fuel with an EV, 65% are concerned about how expensive they are. This interest suggests a “wait and see approach,” with 15% of respondents noting they would probably or definitely own an EV in the next 5 years, and 34% noting the same over the next 10.