Dealers ‘less interested’ in EVs since fall in values

More than one in three used car dealers are less interested in stocking EVs than they were a year ago due to depreciation on models, according to research by trading platform HonkHonk.

Research finds that enthusiasm has dimmed since the previous year due to price falls which removed half off the value of some battery car models.

Sebastien Duval, CEO of HonkHonk, said: “It’s a dramatic contrast with dealer appetite for buying in general for stock, because we’re seeing demand go through the roof for other cars, when HonkHonk users offer them.

“Right now, dealers can’t get enough small or medium petrol cars, medium diesels and even hybrids, since the market began recovering in 2024.”

The survey found that 50% of dealers were interested in EVs a year ago and around 38.5% of these dealers said they were ‘much less interested’ now while 12.3% were ‘a bit less interested’.

Supply of EVs is increasing in order to meet targets set out by the ZEV mandate but the arrival of new models could make the used models less appealing. Moreover, concerns regarding charging infrastructure remain.

Duval added: “Our dealers are much more risk averse after the difficult market they experienced last year, which means they’re hungry for cars that they know they can turn around for a quick sale.

“It’s good news for anyone wanting to sell their traditional economical family car direct to a dealer but we warn anyone wanting to sell their older EV not to expect much enthusiasm from dealers.

“They are probably better advised to trade their older EV in to the dealer who is selling them another new EV.”