Why you should look at EVs for your business

The used car market is evolving rapidly, and one of the most transformative shifts is the rise of electrified vehicles (EVs, hybrids, and plug-in hybrids). For used car professionals, this change presents not just a challenge, but a major opportunity.

A growing demand for electrified vehicles

Consumer interest in electrified vehicles has steadily increased, driven by tightening emissions regulations, rising fuel costs, and an increase in EV performances. As knowledge about battery health is widely shared, and more experience is gained, stereotypes about EVs are starting to break.

In addition, 27% of consumers are willing to pay slightly more for an EV while 34% of consumers want to pay equal to a traditional ICE (Internal Combustion Engines) vehicle price. Used car professionals who get ahead of this trend can tap into a growing segment that’s only going to expand.

Younger buyers are showing a strong preference for EVs, and many of them are first-time car buyers who are turning to the used market. Offering electrified vehicles meets their expectations for eco-consciousness without the high price tag of new models. Having EVs in your inventory can help you to answer these needs.

Many popular EVs from renown brands such as Toyota or Hyundai but also newer players like MG and Lynk & Co, are now available on the used market at accessible prices. The range of available models is increasing, thus allowing used car professionals to diversify their offerings.

In addition, 31% of Europeans would consider purchasing a used EV for their next vehicle (McKinsey mobility consumer pulse survey Feb 2-15 2024)

Battery health and incentives

Battery health is one of the most important points of attention when purchasing a used EV. A study from Arval Consulting and Remarketing teams published this year, showed that used EV batteries are on average in better health than initially expected. This means that batteries are efficient for longer and thus, used EVs are more attractive for consumers.

In addition, by properly taking care of batteries, you can easily expand its life.

Today, EVs have similar Market Days’ Supply than ICE vehicles for both volume and fast-selling models (Indicata). Additionally, some European countries offer incentives, tax breaks, or rebates for used EV buyers, making these vehicles more attractive and affordable for your customers.

Lower operating costs & EV-specific services

Electric and hybrid vehicles have lower running costs due to fewer moving parts and reduced fuel expenses. For cost-conscious used car buyers, that’s a major selling point. Educating your sales team on total cost of ownership (TCO) can help turn inquiries into sales.

Offering EV-friendly services, such as battery health reports, charger installation referrals, or extended EV warranties, can boost your value proposition and create new after-sales revenue opportunities.

On the service side, technicians may need additional training or certification to safely inspect and maintain high-voltage systems. Investing in basic EV diagnostic tools, battery health assessment software, and charging infrastructure (even just one Level 2 charger) can make your dealership more EV-ready and boost customer trust.

Read our guide for electrified used cars for dealers for more tips.

Conclusion: electrification isn’t a threat,

For used car professionals, embracing electrified vehicles isn’t just about keeping up, it’s about staying ahead. By integrating EVs and hybrids into your strategy, you’re not only meeting changing consumer demand, but you’re also preparing your business for the future of mobility.

Are you ready to plug in?