Nearly half of dealers (46%) think the values and prices of electric vehicles (EVs) will fall following the government’s move to push back the electrification deadline to 2035.
November’s new Startline Used Car Tracker also showed that 44% believe a corresponding rise in petrol and diesel prices and values will occur as customers stick with petrol and diesel power for longer.
The Startline Used Car Tracker is compiled monthly for Startline Motor Finance by APD Global Research. In total, 303 consumers and 59 dealers were questioned.
Paul Burgess, CEO at Startline Motor Finance, said: “Prices and values of EVs have been volatile over the last year or so, and a lot of dealers are already quite wary about the future prospects of the used EV sector, at least in the short-medium term.
“Our research shows that the government’s 2035 decision certainly hasn’t helped this situation.
“Dealers now think there will be further falls for EVs as consumers choose to take longer to electrify and that this will also bump up petrol and diesel values and prices. They believe that Rishi Sunak’s decision will have a very direct effect on the market and the fuel choices made by consumers over the next few years.”
Additionally, more than a third (36%) of those surveyed for the Startline Used Car Tracker say fewer dealers will choose to stock EVs, again affecting values and prices, while 10% believe ongoing uncertainty EV over values and prices will make stocking them a bigger risk.