New research from automotive performance marketing agency UpShift shows the changes in online searches for electric cars, particularly as drivers seek more affordable options to make the switch. A recent study shows 56% of consumers say electric vehicles (EVs) are too expensive, therefore, it’s unsurprising that more drivers are seeking cheaper alternatives and lower monthly payments in order to make the switch.
Our research found UK online searches for ‘cheap electric cars’ have increased by 21% since last year, going from an average of 3,664 per month to 4,427. ‘Used’ and ‘second-hand electric cars’ searches have also increased by 6% and 3% respectively as more customers want to drive electric but can’t afford the high price point of new vehicles.
To make payments more affordable, more customers are turning to leasing, or personal contract hire (PCH), which allows them to drive an electric car while making monthly payments. Leasing means consumers don’t own the car and must return it after 2-4 years, so the monthly fees often cost less. This is reflected in online searches for ‘electric car lease’ which have increased by 18% since last year from 5,083 per month to 5,989, on average.
Compare this to other purchase methods and we see that high costs are continuing to prevent drivers from making the switch. Searches for ‘buy electric car’ are down by 23% compared to the previous year, from 1,192 per month to 919. This is likely because many consumers can’t afford the median retail price of a new electric car at £51,000, which is 31% higher than that of new petrol or diesel models.
Interestingly, searches for ‘electric car PCP’ are down YoY by -15%, from 388 to 330.
Ian McIntosh, CEO of UpShift explains, ‘PCP has been one of the most common solutions to afford a car for many years, however, it’s unsurprising that this method of finance isn’t as popular when it comes to EVs. There’s still a lot of uncertainty, and leasing means consumers don’t have to make a hugely long-term commitment. With PCP, drivers usually commit to owning the car or trading it in for another contract, making it less appealing for high-priced EVs. Concerns over battery depreciation are alleviated for leasing, but not so much with PCP. Additionally, the high prices of EVs mean the initial outlay and balloon payment associated with PCP is likely unaffordable for many.’
General ‘electric car finance’ searches are affected as well and are down -18% YoY, from 729 to 596, likely as many consumers associate this with PCP.
Charging costs remain consumers’ biggest concern
According to our study, drivers are still worried about the cost of charging an electric car and the impact it would have on their finances. ‘How much does it cost to charge an electric car’ is the most-asked question in the UK on the topic of EVs, with an average of 72,000 searches per year.
Looking at informational search queries relating to costs in combination with the rise of searches for cheaper EVs indicates customers are definitely considering making the switch, but are hesitant because of affordability reasons.
This is followed by ‘How long does it take to charge an electric car’ which has around 32,000 searches, then ‘Do electric cars have gears’ in third with 18,000. This suggests electric vehicle manufacturers should take further steps to educate potential customers to alleviate their concerns about making the switch.
The fastest-growing question of 2024 around the topic is ‘How much will electric car tax be in 2025’, which has grown a huge 2,847% since this time last year, from 79 to 2,328 searches per month. This is likely because drivers are preparing for electric vehicles to be no longer exempt from Vehicle Excise Duty in April 2025.
Online searches for BYD have grown more than any other car manufacturer
Turning our attention to electric car brands, we analysed online searches to establish who is growing the quickest. To make things fair, since obviously not all major manufacturers offer just EVs, we looked at online searches for ‘[brand] electric cars’ to determine this.
Chinese manufacturing company BYD, which recently overtook Tesla’s revenue for the first time, has clearly piqued UK drivers’ interest as the manufacturer strives to offer more affordable EVs. Online searches for ‘BYD electric cars’ have surged a huge 156% YoY, increasing from 2,766 to 7,086 per year, on average. Toyota follows, as searches for ‘Toyota electric cars’ have increased by 25% from 6,051 to 7,578 per year.
The graph below shows a comparison between five manufacturers experiencing unique search volumes for ‘Electric car’.
Taking a look at EV-only manufacturers’ names, it’s unsurprising that the brand name ‘Tesla’ still receives the most online searches at 3.4 million per year on average, although this is down by 4% since 2023. ‘Polestar’ follows, generating around 1 million searches per year, which is up by 22% YoY. However, the biggest growth again can be seen by BYD. While the search term generates fewer searches than Tesla and Polestar at 772k per year, this is up an incredible 286% YoY, showing how its recent brand and marketing activity like sponsoring The UEFA European Football Championship has resonated with consumers.
With BYD coming to the UK market as well as the likes of Great Wall Motors and SAIC, it’s unsurprising that searches for ‘Chinese electric cars’ have also seen growth. Compared to 2023, these are up by 217%, increasing from 18,376 to 39,460 annually.
Advice for online businesses who want to support customers in switching to an electric car
Online businesses, or any company with a digital presence, should take action to help consumers who are keen to drive electric, but are hesitant due to the affordability barrier.
Manufacturers should showcase any exclusive offers, plus other incentives like charging support and long warranties to ensure customers are aware of how much they could save in the long-term when choosing an EV.
Dealerships should ensure they have optimised websites which are visible to customers who are looking for high-intent keywords which are also rising in demand, including ‘cheap’, ‘used’, and ‘second-hand’ EVs.
Leasing companies can also take advantage of the growing interest in electric car leasing by ensuring they have helpful content around the topic. Money-saving tips and cost comparisons with other finance methods are just some ways that leasing businesses can show customers how it can be more affordable to switch to an EV than they might think.
If you’d like to reach EV customers with the right message to support their needs, get in touch with us today.
*All data is sourced from the marketing intelligence tool Ahrefs, comparing 2023 to 2024.
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