Affordability Boost Propels Honda e:Ny1 to Auto Trader's Number One Spot

12th Aug 2024

Honda’s e:Ny1 has surged from 254th to seventh position in Auto Trader’s most recent ranking of the most sought-after new models.

The all-electric SUV leapt from its lower-tier position in June to a top 10 spot last month, based on inquiry and lead volume across all fuel types, due to what the online marketplace described as ‘an appealing mix of substantial discounts, deposit contributions, and finance offers.’

This also makes it the most popular new electric vehicle of the month and signifies the battery-powered SUV as the fastest-growing new car model overall for this period.

For fully electric vehicles, it received more inquiries than any other model, making up over 10% of all EV leads sent to dealers, and this marks the second occasion this year that Honda’s leading EV has led the charts.

Auto Trader noted that this underscored how crucial affordability is in boosting consumer interest in new EVs, as well as the measures manufacturers are taking to enhance demand in light of this year's ZEV mandate goals.

Since last July, average discounts have risen from 6.6% to 8.7%, with 75% of all new cars now featuring some type of discount.

The typical discount on electric vehicles stands at 10.6%. However, Auto Trader noted that alongside enhancing affordability, brands are also addressing the challenge by expanding consumer options.

According to their data, which reflects around 2 million new car visitors each month, a combination of better choice and affordability is attracting consumers effectively.

They also pointed out that despite the disruptions from the general election and major sports events last month, interest in new cars remained steady.

Bex Kennett, Auto Trader’s newly appointed director of car performance, commented: ‘The new car sector is still navigating a tough mix of fresh regulatory requirements, heightened competition, expanding production, and weakening retail sales.

‘Yet, our data provides a glimmer of hope as we near the crucial plate-change month of September.

‘Automakers are putting in significant effort to boost demand, and we’re witnessing a positive consumer response.’

‘It will be intriguing to observe the different strategies manufacturers implement in the next few months to shift the market, as they strive to balance volume with the rising pressure of the impending ZEV mandate requirements.

‘Offering more options, better deals, and reaching more potential car buyers will be crucial.’