Uncovering factors affecting consumers’ decisions for pre-owned electric vehicles

Abstract

As the electric vehicle (EV) market rises, the relevance of the used EV market becomes more significant in the context of environmental sustainability and green transportation. Hence, the study conducts data-driven investigations to comprehensively understand users’ preferences for pre-owned EVs. Full-time employed, highly educated, higher-income individuals living in detached homes or townhouses and owning personal parking amenities are more likely to purchase pre-owned EVs. The study used a latent class choice model to analyse the impact of hidden psychological factors and vehicle characteristics on “Experienced EV Drivers” and “New EV Drivers”. The latter class prefers sedans and home charging facilities while opting for pre-owned EVs. However, those concerned about EV charging infrastructure and price and those having a positive attitude toward automated vehicles were reluctant to purchase a pre-owned EV. Overall, the study provides target population-specific actionable policy insights aiming to promote the adoption and sustainable usage of EVs.