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

The used car market saw a significant shift towards alternative fuel vehicles last month with hybrids and electric vehicles (EVs) combined achieving their highest share of listings yet, according to Motors’ Market View.

Hybrids and EVs accounted for 14% of all used car listings in October, marking a notable increase from just 10% a year ago. Hybrids specifically comprised 9.6% of the stock, up from 7%, while the share of EVs grew from 3% to 4.6%.

One standout performer in this market has been the MG3 hybrid, which emerged as the fastest-selling used car, averaging just eight days on dealer forecourts.

Additionally, there has been a significant increase in the availability of younger hybrid models, with sales of vehicles under two years old rising by 52% year-on-year.

Hybrids aged 2-5 years also saw a 24% increase, suggesting that buyers are more willing to consider slightly older models as they seek to balance price with eco-credentials.

Despite the rise in hybrids and EVs, petrol vehicles continue to dominate the used car market, representing over half (54%) of the listings on Motors.

The growth in alternative fuel vehicles has primarily come at the expense of diesel models, which have dropped from 35% to 32% over the past year.

In terms of pricing, the average cost of a used car in October rose by 2% to £17,899, although this figure remains close to the average price recorded a year ago (£17,923).

This modest increase in price indicates that the market remains stable despite fluctuations in supply and demand. The sales cycle remains consistent, with dealers averaging 30 days to sell a vehicle, unchanged month-on-month.

However, franchised dealers are performing particularly well, achieving sales in just 20 days, while car supermarkets and independent dealers took slightly longer at 22 and 50 days, respectively.

Geographically, there are disparities in pricing across the UK. Wales continues to offer the most affordable used cars, with an average price of £14,638. However, regions like the north-east and north-west of England experienced notable year-on-year price drops of 9% and 7%, respectively.

In contrast, London maintains its status as the priciest location for used car purchases, with average prices rising by 8% year-on-year to £24,157.

“October’s Market View shows how the greater availability of younger hybrid models is resonating with used car buyers weighing up the 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,” said Lucy Tugby, marketing director of Motors.

“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.”