On the Dash:
- EV loyalty remains strong among buyers actively planning a purchase, even as general consideration declines.
- Education and targeted engagement are essential to overcome misconceptions among hesitant shoppers.
- Data-driven strategies for inventory, marketing, and customer outreach will help dealerships adapt to a nuanced, evolving EV market.
CDK’s latest study, Car Shopper Shifts on EVs, found a mixed sentiment among more than 1,300 in-market car shoppers, revealing both optimism and hesitation toward EVs as incentives, market dynamics, and consumer expectations evolve. While overall EV consideration has slowed compared to last year, those actively planning to purchase an EV show strong confidence and loyalty in the technology.
The research highlights that while interest in EVs may be weakening, committed buyers remain engaged, with clear motivations shaping their adoption decisions. Many gas, hybrid, and plug-in hybrid shoppers still harbor misconceptions about EVs, including concerns about range, charging availability, and cost, which can limit broader adoption.
The study also points to practical implications for dealership operations, including inventory planning, test-drive experiences, and targeted marketing. Dealers who anticipate the changing EV landscape and adapt strategies accordingly are more likely to capture market share and maintain strong engagement with both prospective and committed EV buyers.
S&P Global data shows adults aged 18–34 now account for under 10% of new-vehicle registrations, down from 12% in early 2021, while monthly payments have risen 30% over four years, and nearly 1 in 5 new vehicles carry payments exceeding $1,000. Adults 55 and older now account for nearly 50% of new registrations. Compact utility vehicles lead among younger buyers with a 21% segment share, compared with 9.9% overall, while compact cars hold 13%.
Despite a current downturn in overall EV consideration, the study suggests the market trajectory is not linear. Shifts in consumer behavior, incentive programs, and EV technology will continue to shape adoption patterns, offering opportunities for dealers who remain flexible and data-driven in their approach.
