New car commentary | November 2023
Ian Plummer, Commercial Director of Auto Trader, the UK’s largest digital automotive marketplace, commented:
With tough Zero Emission Vehicle mandate requirements looming, manufacturers will be using every tool they can to increase new electric sales – currently, our research shows over two thirds of new electric cars are enjoying some kind of offer. By combining discounts and finance offers on the table, monthly payments for new electric cars are getting ever closer to petrol and diesel costs, marking an exciting point in the journey of mass electric adoption.
Our data shows that when the price is right, electric cars sell well – right now in the used car market electric is the fastest selling fuel type following months of price drops. So, it’s no surprise manufacturers are utilising multiple consumer incentives to ramp up demand in the new electric market, where finance penetration is high and monthly payments are the norm - and average RRPs for new electric cars are a third more expensive than petrol or diesel counterparts. With this context, retailers who can combine the strength of both electric affordability and availability of stock will dominate.”.
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