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

The used car market in January saw a remarkable surge in the number of electric and hybrid vehicles available, with Motors reporting a record 17% of dealer stock made up of alternative fuel cars.

This marks a significant rise from 12% in the same month last year, highlighting the growing consumer interest and dealer confidence in these vehicles.

Hybrids led the charge, increasing their share from 8% to 11%, while the number of electric vehicles (EVs) grew slightly from 5% to 6%. This shift has come at the expense of internal combustion engine (ICE) vehicles, with petrol-powered cars seeing a slight drop from 52% to 51%, and diesel vehicles decreasing from 35% to 32%.

One of the key trends driving this shift is the increased willingness of dealers to stock more EVs and hybrids, reflected in a levelling out of the price drops that had characterised the market in late 2023 and the first half of 2024.

The average price of a used EV in January was £25,701, marking a year-on-year (YoY) drop of 15%, or £4,391, from the previous year's average of £30,092.

Meanwhile, hybrid prices remained relatively steady, holding at £25,334. The price decline in EVs was seen across all age bands, with newer EVs under two years old dropping by 14%, those aged 2-5 years down by 16%, 5-10-year-old EVs seeing a 21.5% drop, and vehicles over 10 years old plummeting by 39%.

This price adjustment has had a significant impact on sales, with competitive pricing leading to faster turnover. Among EVs, the Mini Countryman stood out as the fastest-selling model, averaging just 10 days in stock.

It was closely followed by the Volkswagen Golf at 11 days and the Audi Q4 at 15 days. Hybrids also saw swift sales, with the MG ZS taking 14 days to sell, while the Audi Q5 and Kia XCeed both averaged 18 days in stock.

“Our January Market View reveals how lower prices are making used EVs more attractive to consumers, encouraging dealers to add them to their forecourts,” said Lucy Tugby, marketing director of Motors.

“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,” said Tugby.