WardsAuto Podcast: Getting Consumers Into EVs Via Rent-to-Own

All signs point to a slowing rate of sales growth for battery-electric vehicles.

Various headwinds have prompted some automakers, such as Ford and General Motors, to pause or slow EV investments and vehicle rollouts in 2024.

What are those headwinds? Pricing of EVs; persistent inflation including high gas prices; underdeveloped public charging infrastructure; an election cycle that has politicized EV mandates and government subsidies and has a huge percentage of car buyers passing on EVs; and high interest rates for borrowers.

Meantime, nearly four in 10 Americans (38%) say they're very or somewhat likely to seriously consider an electric vehicle for their next vehicle purchase, according to a recent Pew Research Center survey.

How do you move the needle with consumers? Longtime auto industry veteran and entrepreneur John F. Possumato, founder of DriveItAway.com, a company that allows you to rent a car and then buy it, thinks renting EVs to own them is one way to knock down car buyers’ apprehension. Possumato is our guest on this week’s WardsAuto Podcast and gives us great insights and ideas about how to make it easier for people to adapt to EVs.

The DriveItAway rent-to-own program enables people to select, drive and eventually purchase the vehicle of their choice regardless of their credit score. DriveItAway,com facilitates renting to own any kind of vehicle, but Possumato believes it can particularly help EV shoppers.

Check out more of our recent episodes too. Click on any of the episodes below and play it right off your device.