CarGurus Research Reveals Canadian Consumers’ Growing Interest in Electric Vehicles, Despite Cost and Charging Barriers


Tesla remains the best brand with consumers, followed by Toyota and Honda

CAMBRIDGE, Mass., Aug. 02, 2022 (GLOBE NEWSWIRE) — CarGurus (Nasdaq: CARG), a multinational online automotive platform for buying and selling vehicles, today announced its latest Canadian consumer sentiment research with regard to electric vehicles (EVs). the CarGurus 2022 Electric Vehicle Information Report looked at consumer feedback on a variety of EV-related topics, such as time-to-own, potential barriers to adoption, and preferred brands.

Since last year, interest in electric vehicles has grown steadily. 40% of respondents said they are likely to own an EV in the next five years (vs. 32% in 2021), and 60% said they think they will own one in the next ten years (vs. 54% in 2021) Young people were particularly enthusiastic about EV adoption, with more than two-thirds of car owners aged 18-29 planning to own an EV within the next decade. Older buyers also showed greater interest in EVs, suggesting the target audience is growing.

Although the enthusiasm for EVs is growing, there are still major barriers to their adoption among some people. The main issues being the cost and recharging of these vehicles. For these reasons, respondents said they would be more easily convinced to make the switch if they were offered tax incentives (46%), better access to chargers (45%), better range or better charging time. load (45%) and cost parity with internal combustion engine (ICE) vehicles (44%).

Tesla is the top brand choice for consumers year after year, and this year is no different – 47% of potential EV buyers said they would consider buying a model of Tesla, followed by Toyota (38% ), Honda (29%) and Hyundai (23%). For hybrid vehicles, consumers are more likely to consider Toyota (40%), Honda (33%), Hyundai (22%) and Ford (20%).

“Despite barriers such as access to charging stations and high costs, consumers are beginning to consider investing in electric vehicles more seriously,” said Alexandra Howerter, principal consumer insights analyst at CarGurus. “As automakers bring new EV models to market, the pool of potential buyers has grown, with older buyers more interested than ever. »

The full results of the study are available hereand any questions can be sent to [email protected].

Methodology
In March 2022, through an online survey, CarGurus asked 464 car owners in Canada about their feelings towards electric vehicles. The distribution of respondents was balanced across key demographics (age, region, income). CarGurus also surveyed automobile owners in 2021 (n=495).

“Potential electric vehicle or EV buyers” refers to car owners who say they will probably/definitely own an electric vehicle within the next decade (n=277).

A modified version of this study is also available for the US and UK markets.

About CarGurus
CarGurus (Nasdaq: CARG) is a multinational online automotive platform for buying and selling vehicles that is bolstering its industry-leading listings marketplace with digital retail solutions and the platform of CarOffer online sales. The CarGurus e-Marketplace gives consumers the confidence to buy or sell a vehicle online or in person, and gives dealers the power to set accurate prices, market effectively, acquire vehicles instantly and sell vehicles quickly, all with a national scope. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the United States (source: Comscore Media Metrix® Cross-Platform, Automotive – Information/Resources, Total Visits, Q1 2022, United States, as of May 9, 2022).

CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the US and UK, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.

To learn more about CarGurus, visit cargurus.ca and for more information about CarOffer, go to www.caroffer.com.

CarGurus® is a registered trademark of CarGurus, Inc. and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, brands and trademarks are the property of their respective owners.

© 2022 CarGurus, Inc., All rights reserved.

Media contact:
Rachel Deal
[email protected]



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