Recurrent and AAA polled used EV shoppers across the country to find out how having insight into battery condition would affect purchase price and preferences.
Out of our respondents, 89% of prospective EV shoppers do not currently own an electric vehicle. New EV shoppers look for extra guidance and support in their purchase as they make the switch to electric. Recurrent supports both shoppers and dealers by providing transparency and confidence in battery health, as well as a lot of educational resources.
Here’s what we’ve learned from shoppers looking into used EVs:
Battery condition matters more than mileage
While 85% prefer a vehicle with lower mileage, and are willing to pay around $2,750 more for it, this changes if the vehicles have battery reports.
In this scenario, 90% of respondents opt for #1 and would pay around $4,000 more for the car with an excellent report.
97% of used EV shoppers prefer a vehicle with a battery report and would pay $2500 more
EV shoppers rate knowing their battery condition more highly than any other factor in their purchase decision, including overall vehicle condition or price. In fact, they even prefer a vehicle with a “fair” battery rating over one with unknown battery condition and will pay for the security of knowing what they are getting.
An “excellent” rating vs. a “fair” rating equals an additional $3000 on the price tag
When shoppers can compare two similar cars, they will pay $3,000 more for one with an excellent rating, as opposed to just fair. If you compare cars rated “excellent” and “good,” shoppers would pay $2,250 more. A “good” battery compared to a “fair” one fetches $2,000 additional. All of these evaluations assume a $30,000 EV.
56% of new car buyers said concerns about battery are the reason they won't consider a used EV
EV shoppers know that the battery is the most critical - and expensive - part of an EV, but they don't have a good mental model for how EV batteries age or what that means in terms of their range. Luckily, this is an easy anxiety to resolve. Recurrent’s battery and vehicle reports give dealers confidence to sell a used EV, and buyers the transparency they need to feel comfortable with their purchase.