There’s no disputing that electric vehicle demand is growing in Canada. According to S&P Global Mobility, zero-emission vehicles accounted for 1 in 8 new vehicles registered in Canada in Q3 2023. That’s a new record high, with EVs now representing 13% of the new car market. While recent growth may signify the beginnings of mass adoption, the fact is we aren’t quite there yet.
Our latest research shows most Canadian car buyers are still not ready to switch to electric. In fact, just 15% of buyers say they will only consider an EV for their next vehicle purchase. Used car buyers are a little more hesitant with only 12% being purely interested in EVs, compared to 18% of new car buyers. Hybrids, offering what many buyers see as the best of both worlds, continue to be the slightly more popular choice at 22%.
Why are so many Canadians still not positively electrified by EVs? We asked them for their top three EV deal breakers:
Car buyers have valid concerns about EVs, and these will likely remain barriers for some. But there are some buyers (26%) who aren’t exclusively interested in EVs right now but will consider them in addition to Internal Combustion Engines and Hybrids. These are the customers that may still be making up their minds by the time they reach out to you. So how can you demonstrate the value of EVs despite the potentially high price tag and major driving lifestyle changes?
Here are the top three EV dealmakers for car
Fuel savings and concerns about the environment will understandably continue to be top of mind and they are certainly great benefits to highlight with your customers, but don’t sleep on EV dealmaker number three: lower maintenance costs.
When we asked customers about their biggest challenges with owning any type of vehicle, their number one concern was future maintenance and repairs and how they’re going to pay for them. It’s easy to worry about what maintenance and repair bills might be lurking around the corner and, just like a carton of eggs at the grocery store, this work has become more costly.
Focusing on future savings as a selling point should get customers to come around more on EVS. We suspect the reason that only 51% selected maintenance savings as a dealmaker in the first place is that many car buyers might not be fully aware of this key differentiator.
Finally, as the EV market continues to grow, you will start to encounter less informed customers who may not fully appreciate all the challenges that come with owning an EV. Be upfront with customers on potential dealbreakers and dealmakers to ensure they know what to expect and don’t regret their purchases down the road.