While offering finance options is one factor in attracting car buyers to EVs, a study stated that the top reason was a good battery range.
According to reports, the traditional method of vehicle purchase seems to be rapidly changing, with more and more potential car buyers opting for monthly payments rather than giving away a large amount upfront. A new study showed that 60% of all car buyers bought their vehicle via finance in 2022.
JATO Dynamics recently released new data which suggests that 80% of car buyers admit that having monthly payment options would make them more likely to buy an EV. As per JATO, 31% of respondents in their study cited affordability as the main reason for preferring monthly payments. 25% stated that they could buy a better car via finance, while another 25% of respondents stated that leasing is beneficial for their budgeting. JATO also noted that this is similar in certain markets outside of the US as well.
JATO reported 6.61 million units of global EV sales numbers in 2022. While offering finance options is one factor in attracting car buyers to EVs, a study stated that the top reason was a good battery range. Convenient recharging was the second most important reason for buying EVs.
The study also showed shared ownership models gaining popularity, with 51% of buyers saying they would go for it in the future. The biggest motivation (50%) for this is said to be reduced costs, followed by higher quality vehicles (34%) and lower prices (33%). Also, 73% of the people willing to opt for shared ownership live in city centres.
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