MG3 hybrid emerges as fastest-selling used automotive, finds Motors

The used automotive market noticed a major shift in direction of various gasoline automobiles final month with hybrids and electrical automobiles (EVs) mixed attaining their highest share of listings but, in keeping with Motors’ Market View.

Hybrids and EVs accounted for 14% of all used automotive listings in October, marking a notable improve from simply 10% a yr in the past. Hybrids particularly comprised 9.6% of the inventory, up from 7%, whereas the share of EVs grew from 3% to 4.6%.

One standout performer on this market has been the MG3 hybrid, which emerged because the fastest-selling used automotive, averaging simply eight days on vendor forecourts.

Moreover, there was a major improve within the availability of youthful hybrid fashions, with gross sales of automobiles below two years outdated rising by 52% year-on-year.

Hybrids aged 2-5 years additionally noticed a 24% improve, suggesting that consumers are extra keen to think about barely older fashions as they search to stability value with eco-credentials.

Regardless of the rise in hybrids and EVs, petrol automobiles proceed to dominate the used automotive market, representing over half (54%) of the listings on Motors.

The expansion in various gasoline automobiles has primarily come on the expense of diesel fashions, which have dropped from 35% to 32% over the previous yr.

By way of pricing, the typical value of a used automotive in October rose by 2% to £17,899, though this determine stays near the typical value recorded a yr in the past (£17,923).

This modest improve in value signifies that the market stays steady regardless of fluctuations in provide and demand. The gross sales cycle stays constant, with sellers averaging 30 days to promote a automobile, unchanged month-on-month.

Nevertheless, franchised sellers are performing notably properly, attaining gross sales in simply 20 days, whereas automotive supermarkets and impartial sellers took barely longer at 22 and 50 days, respectively.

Geographically, there are disparities in pricing throughout the UK. Wales continues to supply probably the most inexpensive used vehicles, with a median value of £14,638. Nevertheless, areas just like the north-east and north-west of England skilled notable year-on-year value drops of 9% and seven%, respectively.

In distinction, London maintains its standing because the priciest location for used automotive purchases, with common costs rising by 8% year-on-year to £24,157.

“October’s Market View reveals how the larger availability of youthful hybrid fashions is resonating with used automotive consumers weighing up the gasoline choices for his or her subsequent automotive. For a lot of consumers going hybrid is a neater option to make than committing to a pure EV and we’re seeing this within the variety of on-line views and the quick gross sales being achieved,” stated Lucy Tugby, advertising and marketing director of Motors.

“General, October’s used automotive market proved to be comparatively steady, regardless of a number of the client uncertainty within the run-up to the Autumn Finances. Though costs trended upwards, they remained on a par with final October, with wholesome demand seeing sellers attaining quicker gross sales than they’ve for the final two months.”