What Do Car Shoppers Want?

The age-old question: What do consumers want? A recent surge in EV sales, with growth surpassing 48% from 2022, suggests a direction but not a clear destination.

Nearly 300,000 BEVs were sold in Q2 alone. By 2023, over a million EVs are expected to cruise off lots, fueled by price cuts, wider vehicle variety, and the Inflation Reduction Act's tax credits. Yet, barriers like higher EV prices and charging station concerns persist.

Half of U.S. consumers considered an EV this year, up from 38% in 2021. Still, a balance between gas and electricity is foreseen; the EV market share might reach just below 30%, even with oil price hikes.

EVs aren't replacing ICE anytime soon. Now with record-high monthly payment amounts, it is time to meet customers no matter where they are on the ICE-hybrid-EV-new-used matrix.

What opportunities do analysts see for dealers?

• Have Stock to Sell Stock: With only 18 of 97 EV models qualifying for tax credits, dealers should prioritize stocking these high-demand used models, like the Tesla Model 3 or Chevrolet Bolt.
• Address Concerns: Enhance consumer education on available tax credits and offer guidance on charging solutions.
• Geography Matters: With a whopping 30% of U.S. public charging stations in California, tailoring sales strategies to regional preferences is essential.

The next year, and for years to come, environmental concerns will join fuel efficiency, safety, and price among the top factors for auto shoppers.  

That’s what we found when we Googled, “What do car shoppers want?” What are you hearing around the store, community, and internet? Hit reply and let us know!