Used hybrid and EV stock hits record high in January

The proportion of used hybrid and electric vehicles (EVs) stocked by dealers reached a new high in January, according to Motors’ Market View.

Alternative fuel cars accounted for 17% of listings on Motors, up from 12% in January 2024. Hybrid vehicles led this growth, increasing from 8% to 11% year-on-year (YoY), while EVs rose from 5% to 6%. This shift came at the expense of internal combustion engine (ICE) vehicles, with petrol dropping from 52% to 51% and diesel declining from 35% to 32%.

Dealers’ confidence in stocking EVs is reflected in a stabilisation of price declines seen in late 2023 and early 2024. The average price of a used EV in January was £25,701, marking a YoY drop of 15% (£4,391) from £30,092. Hybrid prices remained steady at £25,334.

EV prices declined across all age bands, with under-two-year-old models down 14%, 2-5 years down 16%, 5-10 years down 21.5%, and those over 10 years dropping by 39%.

More competitive EV pricing led to quicker sales, with the Mini Countryman selling in an average of just 10 days, followed by the Volkswagen Golf (11 days) and Audi Q4 (15 days).

The fastest-selling hybrids in January were the MG ZS (14 days), Audi Q5 (18 days), and Kia XCeed (18 days).

“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.