Disposal conversion rates for EVs close to petrol and diesel during 2023

Disposal conversion rates for electric vehicles (EVs) were very close to their petrol and diesel equivalents over the course of 2023 and beat plug-in hybrids (PHEVs), epyx is reporting. 

In total, 91% of EVs found buyers when made available through trade sales to dealers, compared to 94% for petrol and diesel, and 87% for PHEVs. 

However, EVs did sell more slowly - at an average of 12.5 days compared to around 7-8 for petrol and diesel, and more than 11 for PHEVs. 

The figures are data taken from the company’s 1link Disposal Network platform, used by major fleets to sell vehicles to dealers and other retailers.

Tim Meadows, CCO at epyx, said: “Given all the negative publicity around the sales of electric vehicles in the last 12 months, these percentages will perhaps be something of a pleasant surprise for anyone involved in remarketing them in 2024. 

“While there is no doubt that values of EVs have been falling over the last year or more, sometimes quite dramatically, it is also true to say that – at least through our platform – they have been finding a ready market. 

“It’ll be interesting to see what happens in 2024 as the market for EVs continues to mature. Early this year, the milestone of one million electric cars on UK roads will be passed and while this is still a small element of the overall car parc, it also shows the extent to which they are starting to become just a normal part of the remarketing sector.”