The share of alternatively fuelled cars stocked by dealers hit a new high in October as the MG3 hybrid became the fastest selling used car averaging just eight days on forecourts, according to MOTORS’ latest Market View.
Hybrids and electric vehicles (EVs) accounted for 14% of cars advertised by dealers, up from just 10% 12 months ago. Hybrids led the way making up 9.6% of stock levels, up from 7% a year ago, while EVs grew from 3% to 4.6% over the same period.
Improved availability saw an increase in the number of younger hybrid models being sold by dealers, notably those aged under two years which were up by 52% year-on-year (YoY), achieving their highest ever volume. Hybrids aged 2-5 years increased 24% YoY.
The most viewed hybrid models online were all Toyotas, led by the Prius, Corolla, Yaris and RAV4.
Petrol continues to dominate overall used stock volumes, accounting for over half (54%) of cars listed on MOTORS, with alternatively fuelled vehicles increasing mostly at the expense of diesels which dropped from 35% to 32% YoY.
Although the average price of a used car on MOTORS increased 2% (£404) in October to £17,899, this was down just £24 YoY (£17,923).
Dealers averaged 30 days to sell in October, unchanged MoM. The fastest sales were achieved by franchised dealers at just 20 days, followed by car supermarkets (22 days) and independents (50 days).
Although Wales continued to be the cheapest part of the UK to buy a used car (£14,638), there were some notable YoY price drops for the north-east (-9% to £15,851) and north-west (-7% to £16,565) of England. London retained its position as the most expensive place to buy a used car with the average price rising 8% YoY 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.
“Our regional data continues to highlight the importance of using tools to ensure pricing is in line with local rather than national trends, especially as buyers are more likely to cast a wider net to find the price they are prepared to pay,” said Tugby.
