New research reveals if car buyers are underestimating the current development of electric vehicles

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15th January 2018 18:04 - Automotive

New research reveals if car buyers underestimating the current development of electric vehicles

New research reveals if car buyers are underestimating the current development of electric vehicles: In a recent US survey, 1,249 vehicle owners were asked to estimate the average cost of quality of used gas and electric vehicles.

To rate the accuracy of the buyers’ responses, 17,738 vehicle prices were compared against their estimates.

Overall, buyers believed that electric cars costed around £5,000 more than petroleum cars, however in comparison to live market figures, used electric cars are said to be competitive in price and mileage compared to gas vehicles.

A quarter of the respondents estimated $15,000 as the average price for electric vehicles, whereas almost one third (32%) of respondents priced petroleum cars at $10,000. 

However, compared to the prices of 2015 models: Ford Focus, Toyota Corolla and the Honda Civic, buyers underestimated the price by £4,104.33.

With regards to electric vehicles, buyers overestimated the price by $127.50, when compared to the average price of the 2015 Nissan Leaf (£12,780) and Chevrolet Volt ($16,965).  

In 2016, second-hand electric vehicles were sold quicker on the market, whereas, new electrical vehicles sales were stagnant. Used models were on the market for an average of 29.2 days, and prices for used electric vehicles dropped by 15.2%, compared to 2015.

Yet, due to increased competition amongst car manufacturers announcing the development of their wide range of electric vehicles, by 2035 all new cars sold in the EU are predicted to be electric. However, when respondents were asked about their top worries with regards to the current market of electric vehicles, over two fifths (41%) rated reliability as their top concern. The second being the amount of time it takes to charge the vehicle (28%).   

Irrespective of this, 2016’s electric vehicle market saw a surge of sales as 750,000 cars were sold globally, yet with major car manufacturers, such as Volkswagen who are planning to release around 80 electric vehicles by 2025, the respondents’ concerns are looking to be a thing of the past.

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