The electric car (both the pure one and the plug-in hybrid) is still the heritage of high-income households. Of all the existing stock, 52% are in the hands of families that earn 2,500 euros net or more, despite the fact that this group only represents 24% of the population, according to data compiled by BBVA Research. Although the penetration of this type of product is very low: only 3.2% of households have it.
The chief economist for Spain at BBVA Research, Miguel Cardoso, explains that it is normal for households with the highest income to be the ones that have this type of vehicle due to the greater capacity to install charging points in their homes and because they usually have a second car. traditional combustion. “That is why aid must be concentrated on the other group with fewer resources,” adds the economist. According to the latest consumption report from BBVA Research, the prototype of an electric vehicle buyer is a man between 45 and 65 years old who lives as a couple with children, with more than 3,000 euros of net monthly income and two or more vehicles.
Economists from the research service estimate that car sales will grow this year and next year by over 10%, but the figure will remain below what it was before the pandemic. One of the elements that will facilitate this is that the cost of credits to buy them has grown significantly less than the official rates of the ECB (European Central Bank). New credit operations with a term of more than five years have an interest rate of 8.7%, which means an increase of 1.3 points in one year. In that period, ECB rates rose more than 3 points.
Cardoso maintains that consumer credit rates have risen little due to high competition between entities, which puts downward pressure on prices, and due to the high liquidity that entities have.
BBVA's estimates are that in December of this year, requests to buy cars will be covered 100%, which will leave behind the period in which the lack of chips left dealerships without available vehicles.
