11:51 am, February 6, 2025
Hybrids and electric cars accounted for 17% of car dealers’ stock in January – a new high, says Motors.
Its latest Market View showed the proportion of these electrified vehicles was up by 5% compared to January 2024. The growth was in inventory share was led by hybrids, up from 8% to 11% year-on-year, while EVs grew from 5% to 6%.
Both fuel types gained at the expense of ICE vehicles with petrol down from 52% to 51% and diesel down from 35% to 32%.
Dealers’ willingness to stock more EVs is reflected in a levelling out of the monthly price drops seen from late 2023 and the first half of 2024, said Motors.
The average price of an EV in January was £25,701, a year-on-year drop of 15% (£4,391) from £30,092, while hybrids were static at £25,334.
Motors’ data shows the year-on-year drops in EV prices was seen across all age bands with under two years down 14%, 2-5 years down 16%, 5-10 years down 21.5% and over 10 years down 39%.
More competitive EV pricing resulted in some fast sales with the Mini Countryman averaging just 10 days in stock, followed by the Volkswagen Golf (11 days) and Audi Q4 (15 days).
The fastest selling hybrids for the month were the MG ZS (14 days), Audi Q5 (18 days) and Kia XCeed (18 days).
Motors marketing director Lucy Tugby said: ‘Our January Market View reveals how lower prices are making used EVs more attractive to consumers, encouraging dealers to add them to their forecourts.
‘In December average EV prices dropped under £26,000 for the first time ever, achieving near parity with hybrids. With more EVs entering the used market and a greater number of models to choose from, buyers considering alternative fuel vehicles are now starting to see them as affordable alternatives to ICE vehicles.
‘For dealers this means maintaining a good stock mix by fuel type and sourcing EVs with greater confidence. They also now have an opportunity to communicate the increasing affordability of used EVs as part of their in-store and online marketing.’
