9:08 am, November 5, 2024
Hybrids and EVs have taken their highest ever used car market share, with Motors reporting that the models accounted for 14% of sales in October.
In its latest Market View report, Motors, which uses data from eBay and Gumtree as well as its own platform, reported that the MG3 Hybrid was the UK’s fastest-selling used car, taking an average of just eight days to fly off the forecourts.
The average price of a used car on Motors increased by 2% (£404) in October to £17,899, although the figure is actually £24 lower than 12 months ago.
Hybrids and EVs accounted for 14% of cars advertised by dealers, up from just 10% 12 months ago. Hybrids led the way making up 9.6% of stock levels, up from 7% a year ago, while EVs grew from 3% to 4.6% over the same period.
Improved availability saw an increase in the number of younger hybrid models being sold by dealers, notably those aged under two years which were up by 52% year-on-year (YoY), achieving their highest ever volume. Hybrids aged 2-5 years increased 24% YoY.
The most viewed hybrid models online were all Toyotas, led by the Prius, Corolla, Yaris and RAV4.
Petrol continues to dominate overall used stock volumes, accounting for over half (54%) of cars listed on Motors, with alternative fuel vehicles increasing mostly at the expense of diesels which dropped from 35% to 32%.
Dealers averaged 30 days to sell in October. The fastest sales were achieved by franchised dealers at just 20 days, followed by car supermarkets (22 days) and independents (50 days).
Wales continued to be the cheapest part of the UK to buy a used car (average price £14,638), with London the most expensive with an average price of £24,157.
Reacting to the figures, Lucy Tugby, marketing director of Motors, said: ‘October’s Market View shows how the greater availability of younger hybrid models is resonating with used car buyers weighing up fuel options for their next car.
‘For many buyers going hybrid is an easier choice to make than committing to a pure EV and we’re seeing this in the number of online views and the fast sales being achieved.
‘Overall, October’s used car market proved to be relatively stable, despite some of the consumer uncertainty in the run-up to the Autumn Budget.
‘Although prices trended upwards, they remained on a par with last October, with healthy demand seeing dealers achieving faster sales than they have for the last two months.’
