Used EVs and hybrids soar to new heights in January, finds Motors

The used automotive market in January noticed a outstanding surge within the variety of electrical and hybrid autos out there, with Motors reporting a report 17% of seller inventory made up of different gas vehicles.

This marks a major rise from 12% in the identical month final yr, highlighting the rising shopper curiosity and seller confidence in these autos.

Hybrids led the cost, rising their share from 8% to 11%, whereas the variety of electrical autos (EVs) grew barely from 5% to six%. This shift has come on the expense of inner combustion engine (ICE) autos, with petrol-powered vehicles seeing a slight drop from 52% to 51%, and diesel autos reducing from 35% to 32%.

One of many key developments driving this shift is the elevated willingness of sellers to inventory extra EVs and hybrids, mirrored in a levelling out of the value drops that had characterised the market in late 2023 and the primary half of 2024.

The typical worth of a used EV in January was £25,701, marking a year-on-year (YoY) drop of 15%, or £4,391, from the earlier yr’s common of £30,092.

In the meantime, hybrid costs remained comparatively regular, holding at £25,334. The value decline in EVs was seen throughout all age bands, with newer EVs below two years previous dropping by 14%, these aged 2-5 years down by 16%, 5-10-year-old EVs seeing a 21.5% drop, and autos over 10 years previous plummeting by 39%.

This worth adjustment has had a major influence on gross sales, with aggressive pricing resulting in quicker turnover. Amongst EVs, the Mini Countryman stood out because the fastest-selling mannequin, averaging simply 10 days in inventory.

It was intently adopted by the Volkswagen Golf at 11 days and the Audi This autumn at 15 days. Hybrids additionally noticed swift gross sales, with the MG ZS taking 14 days to promote, whereas the Audi Q5 and Kia XCeed each averaged 18 days in inventory.

“Our January Market View reveals how decrease costs are making used EVs extra enticing to shoppers, encouraging sellers so as to add them to their forecourts,” stated Lucy Tugby, advertising and marketing director of Motors.

“In December common EV costs dropped below £26,000 for the primary time ever, attaining close to parity with hybrids. With extra EVs getting into the used market and a larger variety of fashions to select from, patrons contemplating various gas autos are actually beginning to see them as inexpensive alternate options to ICE autos.

“For sellers this implies sustaining a superb inventory combine by gas sort and sourcing EVs with larger confidence. Additionally they now have a chance to speak the rising affordability of used EVs as a part of their in-store and on-line advertising and marketing,” stated Tugby.