Independent dealers reluctant to pursue EV retail role in local markets

By Staff
2 Min Read

New data from cap hpi shows that only 17% of independent dealers stocked and advertised an electric vehicle last month, according to cap hpi.

The figures rise to 43% for franchised dealers and 49% for car supermarkets.

Commenting on the data, Derren Martin, director of valuations at cap hpi, said: “Our data shows that many dealers seem reluctant to stock EVs despite rising demand from consumers. If the ZEV mandate is to work effectively, every new car needs a used buyer later in life, and dealers have a role to play in building their local markets.

“At current prices, many used EVs represent great value to drivers against new and a low total cost of ownership. Our data shows that many EVs are a great profit opportunity for dealers and tend to sell quickly from forecourts.”

The automotive data experts observe that some EV models stabilised or increased slightly in value in the first quarter of the year, although others have continued to fall in price, representing good value for money, particularly when compared to the equivalent petrol model. In early April 2024, average values for EVs dropped by 2.2% at the three-year age point.

The volume of EVs will continue to increase in the coming months, and many models already appear very attractively priced

Overall, buyer demand in the used marketplace for other fuel types is back to historical seasonal levels. Although a small number of buyers remain selective, demand is considerably higher than it was a few months ago. It is expected to remain robust, especially for models at the mid-to-lower end of the price spectrum.

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