EVs are scrapped at half the rate of ICE vehicles, says cap hpi

Petrol and diesel vehicles are written off and scrapped by insurers at double the rate of EVs, according to a data study conducted by cap hpi.

In the pure electric vs ICE category, with regards to scrapped vehicles aged one year and under, a total of 40 EVs were scrapped out of the 334,525 on the road compared with 701 of 2,026,146 ICE vehicles.

At three years and under, 782 of 912,341 EVs were scrapped compared with 10,300 of 5,788,617 ICE vehicles while at five years and under, 1,433 of 1,130,581 EVs were scrapped against 33,700   of 10,278,745 ICE vehicles.

Jonathan Clay, cap hpi identification director, commented: “It’s essential that the industry has an accurate picture of emerging trends as the EV market continues to develop.

“With repair costs for EVs running up to 29% higher than ICE vehicles, according to a Solera study, it’s important to understand the impact on scrappage rates.”

With regards to the electric and hybrid vs ICE, electrics and hybrids aged one year and under,  203 EVs were scrapped of a total of 960,902 compared with 544 of 1,406,637 ICE vehicles.

At three years and under, 2,356 of 2,389,352 EVs were scrapped, compared with 8,726 of 4,311,606 ICE vehicles while 4,635 of 3,057,881 EVs at five years and under were scrapped against 30,528 of 8,351,445 ICE vehicles.