High prices reshape car buying: more EV comparisons, longer loan terms

Consumer interest in electric vehicles surged in the first half of this year among those shopping for new cars, while rising vehicle prices pushed more buyers toward leases, rentals and extended installment plans to lower their monthly payments.

Chabot Mobility, a mobility concierge platform, released its "H1 2026 Vehicle Purchase Trend Report" on Tuesday, drawing on new-car quote requests submitted through the Chabot platform from January through June.

The report is based not on actual sales or registration figures but on data from consumers comparing and exploring quotes immediately before a purchase. It functions more as a leading indicator of where buying demand is headed than as a final market scorecard.

The most striking shift was in the share of EV quote requests. Electric vehicles accounted for 17.4 percent of all new-car quotes on the Chabot platform in the first half of this year, nearly double the 9.9 percent recorded in the same period last year. Roughly one in six new-car quote requests involved an electric vehicle.

Chabot attributed the trend to a combination of policy factors — including fuel cost pressures, an expansion of subsidies for eco-friendly vehicles and the introduction of a new EV transition support payment — saying EVs are rapidly moving from a niche interest to a genuine purchase comparison category.

Among domestic electric vehicles, the Kia EV3 led with a 35.4 percent share of all domestic EV quotes. The EV5 followed at 22.9 percent, while the KGM Musso EV, Kia EV4 and Kia Ray EV each claimed 8.3 percent to share third place. The Genesis Electrified GV70 recorded 6.2 percent and the Kia PV5 4.2 percent.

Kia's EV lineup dominated the upper rankings. The EV3 and EV5 drew particular interest from first-time EV buyers by combining practicality with competitive pricing in the SUV segment. The presence of the EV4, Ray EV and PV5 also signals that consumers are broadening their comparisons to include sedans, compact EVs and purpose-built vehicles.

Interest in Chinese electric vehicles also shifted. The BYD Sea Lion 7 still holds a modest overall share, but it ranked joint fourth in the lease and rental segment. Chabot said the result reflects demand from consumers who prefer to try a new brand through a lease or rental before committing to a purchase, given concerns about residual value and maintenance costs.

On the financing side, leasing and rental saw the sharpest growth. Leases and rentals accounted for 24.0 percent of all quotes in the first half of this year, up 6.6 percentage points from 17.4 percent in the same period last year. Chabot said the increase reflects a growing number of consumers looking to reduce upfront costs and spread out monthly payments amid economic uncertainty and rising vehicle prices.

In the lease and rental segment, the Kia Seltos led with a 7.6 percent share, followed by the Sorento Hybrid at 6.7 percent, the Genesis GV80 at 5.9 percent, the BMW 5 Series at 5.0 percent and the Hyundai Motor Palisade at 4.2 percent.

The Seltos and Sorento Hybrid drew demand on the strength of practicality and low running costs, while the GV80 and BMW 5 Series attracted buyers seeking a higher vehicle class while keeping initial outlays manageable. The figures suggest leasing and rental are becoming less a simple cost-cutting tool and more a financing approach tailored to individual usage needs and financial circumstances.

Financing terms also lengthened. The average contract period for standard installment plans came in at 51.8 months, while leases and rentals averaged 50.5 months. Sixty-month contracts were the most common choice for standard installment plans, and 48-month contracts were the most popular for leases and rentals. The figures point to a broader shift in consumer priorities — from minimizing the total purchase price to reducing the monthly payment burden.

A Chabot Mobility official said the first-half data show that "consumers are placing greater importance on reducing the burden and uncertainty of the buying process than on the price itself," adding that the company will continue to refine its service "to deliver a purchase experience tailored to each customer's situation, from vehicle search through financing, insurance and final purchase."

Chabot Mobility operates Chabot, an integrated mobility platform for drivers covering the full vehicle ownership lifecycle — from purchase and insurance to maintenance and scrapping. Its subsidiaries include Chabot Insurance, a digital insurance service, and Chabot Motors, which handles imports of the Ineos Grenadier.