Ex-fleet electric vehicles are taking more than twice as long to sell as internal combustion engine models, according to new data from epyx, but the situation could change relatively quickly, the company added.
Figures drawn from its 1link Disposal Network platform show that petrol cars and vans are taking an average of 10 days to sell, and diesel 11 but EVs 25.
The trend remains the same when that data is split down into online and physical auction sales. When sold online, petrol takes five days, diesel six and EV 11; at auction, petrol and diesel both take 15 days and EV 33.
Tim Meadows, chief operating officer at epyx, said, “We believe that these figures are almost certainly reflective of what is happening across the industry as a whole. It’s no secret that the market for EVs has been pretty volatile in recent months and this is almost certainly having an effect on dealer’s propensity to take on this stock.
“However, against that development should be balanced the fact that now, something like one in six vehicles for sale on 1link Disposal Network at any time are EVs. This represents huge volume growth in this sector over a relatively short period of time.
“Our view is that EV sales might appear sluggish compared to ICE but it must be remembered that this is still a type of used vehicle that is relatively new to the market. Dealers and end users remain often unfamiliar with the technology and there is much misinformation around.
“Ultimately, the speed at which they are selling could conceivably be viewed as a positive and there is every chance that excessive supply and demand for EVs will switch places several times before the market reaches a point of relative stabilisation. Today’s situation could change quite quickly.”