EV owners plan to stick with electric: Study

A recent study has found that electric vehicle owners have voiced a resounding commitment to electric mobility.

The EV Ownership Lifestyle study conducted by CDK, provided insight into the current state of EV adoption and the factors driving consumer preferences towards electric vehicles.

The report underscored the importance of addressing consumer hesitations and the pivotal role of the industry in promoting electric mobility.

An overwhelming 73 per cent of EV owners stating their future vehicle purchases will exclusively be EVs. This loyalty spans across brands, including Tesla and non-Tesla owners alike, showcasing the broad appeal of electric vehicles beyond the confines of any single manufacturer.

“There are questions about the types of EVs being built and if those are meeting consumer wants and daily driving demands. Price is also still a major roadblock, as affordability across the industry is top of mind,” the study noted.

The report looked into the purchasing journey of EV buyers, finding that a about three-quarters (74 per cent) had also considered traditional internal combustion engine (ICE) vehicles or hybrids before ultimately deciding on an EV. This, the report noted, highlights the pivotal role of salespersons in the automotive industry, with 54 per cent of EV purchasers influenced by dealership sales staff in their decision to opt for an EV.

“There’s another popular myth about persuadable car shoppers that this study disproves: The idea that car salespeople try to dissuade them from buying an EV. While there may be true-life anecdotes of this happening, the numbers in our study didn’t prove that,” the report said.

A notable aspect of EV ownership highlighted in the study is the cost of maintenance. A majority of EV owners (56 per cent) reported lower maintenance costs compared to their previous gasoline vehicles. This aligns with the widely held belief that EVs, due to their simpler mechanics and fewer moving parts, offer a more cost-effective solution to long-term vehicle maintenance.

That said, automotive aftermarket experts have warned of high-cost repairs that may be common in EVs as higher-priced components are under more stress.

“The repairs are likely going to be a lot more expensive,” said Todd Campau, aftermarket practice leader at S&P Global Mobility at the 2023 MEMA Aftermarket Suppliers Vision Conference. “The number of repairs may not be as high as we have with internal combustion. But I think there’s going to be opportunity and there’s going to be revenue. I think calibrating and maintaining sensors is a huge opportunity for somebody to dive into.”

Bret Jordan, managing director at consultancy firm Jefferies, agreed, noting conversations about enhanced corrosion issues seen in vehicles in Norway.

“They said that eight-year-old Teslas look like money because there’s a lot going on underneath that car or within that car,” he said at the same conference.