Only about 20 percent of current reservation holders for the 2024 Chevy Silverado EV intend to actually purchase the vehicle once it goes on sale, according to a recent study conducted by market research firm Recurrent Auto.
Recurrent recently surveyed roughly 200 EV shoppers, asking them which EVs they have pre-ordered, and which ones they intend to actually buy. The study found the 2024 Chevy Silverado EV had the highest percentage of so-called “phantom orders,” in which the reservation holder does not intend to purchase the vehicle. Whereas 100 percent of Tesla Model Y reservation holders plan to purchase the vehicle, this figure falls to just 20 percent for the Silverado EV. It’s worth noting this study seems to be focused on retail consumers and not fleet buyers.
This statistic may seem like bad news for GM, but there are a number of reasons why Silverado EV reservation holders ay be apprehensive to commit to the purchase at this time. For starters, many reservation holders will not receive their vehicles until 2024, which some consumers may feel is “too far away to commit to,” according to Recurrent. Others may be worried the price will be much higher than GM’s originally quoted MSRP. This happened with Rivian R1T reservation holders earlier this year, and GM has indeed been raising prices on many of its 2023MY vehicles in response to challenging market conditions.
Recurrent says many automakers have an incentive to make the pre-order process as simple as possible and to ensure the pre-order fee is fully refundable, as this can make it seem as though demand for the vehicle is very high.
“With all the buzz around electric vehicles, manufacturers may be incentivized to make reservations easy for shoppers in order to pump up their numbers, even if these reservations don’t all turn into sales,” Recurrent said.
Reservation holders for electric trucks are somewhat unique in that they are more likely to place a reservation for multiple models and see what sticks. Recurrent found that roughly 89 percent of Tesla Cybertruck reservation holders also have another EV truck pre-order. This figure climbs to a surprising one hundred percent for Ford F-150 Lightning and Chevy Silverado EV reservation holders, as well. These buyers may purchase the truck that gets the best feedback from media and fellow owners, is the least expensive, or becomes available for them to purchase first.
The 2024 Silverado EV in the base WT trim level will arrive in the spring of 2023, while the fully-loaded RST First Edition will launch next fall. The Silverado EV WT will start at $41,595 including destination and freight charges (DFC), while the fully-loaded RST First Edition will start at $106,695 with DFC.