The rise of electric vehicles is shaking up the automotive industry in more ways than one. The new propulsion system is also changing what brands buyers shop, as new research finds that 85 percent of customers say they’re willing to buy from an automaker that they do not and have not owned before.
These buyers aren’t just talking, either. In the first quarter of 2023, the vehicle EV buyers traded in for their new vehicle was from a different brand than the car they were buying in 63 percent of cases, according to new research from Edmunds. By comparison, just 51 percent of trade-ins were from a different brand industry-wide.
“EVs are throwing a monkey wrench into the loyalty patterns that automakers have grown accustomed to, and it will be fascinating to watch if the growing number of EV models from mainstream brands will shift consumers back fully toward their loyalty tendencies or if brand allegiances are a thing of the past,” said Jessica Caldwell, Edmunds’ executive director of insights.
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