A GROUNDBREAKING study by automotive data experts at cap hpi reveals that EVs are written off at significantly lower rates than their petrol and diesel counterparts.
The study, analysing data from 2015 to August 2024, found that only 0.9% of EVs under five years old have been written off, compared with a startling 1.89% of petrol and diesel vehicles. This trend persists even for newer vehicles, with just 0.2% of one-year-old EVs being written off, compared with 0.4% for combustion vehicles.
Jon Clay, Identification Director at cap hpi (main picture), highlighted the significance of these findings:
“This study directly challenges the widespread misconceptions about electric vehicles. The data clearly shows that EVs are written off at half the rate of petrol and diesel vehicles.”
Clay further emphasised the importance of accurate information in the automotive sector:
“We strive to provide a clear picture of the industry to both consumers and professionals, from valuations to trend analysis. The motor industry must collectively address the misinformation surrounding EVs to enable informed decision-making.”
This new study provides compelling evidence that EVs are a reliable and safe option for consumers. Brokers can leverage this information to confidently advise their clients and promote the benefits of electric vehicles.
Key takeaways for brokers:
- EVs are a safer investment: The lower write-off rate for EVs translates to reduced risk for brokers and their clients.
- EVs are gaining popularity: With EV registrations increasing 10.8% in August year-on-year and accounting for 22.6% of all new vehicles, the demand for EVs is on the rise.
- Combatting misinformation is crucial: The government and industry leaders recognise the need to address the misinformation surrounding EVs to foster their wider adoption.
Automotive and fleet writer for Broker News
