Online auction marketplace Autorola’s latest data reveals that hybrid vehicles emerged as the top performers in the used car market during the first quarter of 2024, with sales more than doubling while prices experienced a notable rise of 3.7%.
Despite the predominant industry focus on Battery Electric Vehicles (BEVs), used hybrids quietly expanded their market share on Autorola’s MarketPlace online trade portal from 9.4% in Q4 2023 to 13.8% in Q1 2024.
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Interestingly, despite a higher volume of used cars being traded, hybrid prices surged by 3.7% (£766), reaching £21,221 in Q1 2024, marking the highest price among all fuel types for the quarter. This surge in sales suggests that many drivers are opting for the flexibility of hybrid vehicles rather than committing to fully electric ones.
The robust performance of hybrid prices was supported by a reduction in both age and mileage, dropping from 33 months and 21,337 miles in Q4 to 31 months and 20,468 miles in Q1 2024.
Meanwhile, petrol prices also experienced a significant increase of 6.6% (£784) in Q1, reaching £13,271, attributed to a reduction in average age and mileage.
Autorola witnessed a notable rebound in the used car market during Q1 2024, selling 43% more used cars compared to Q4 2023 when volatile prices led many dealers to pause buying activities.
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By GlobalDataJon Mitchell, Autorola UK’s group sales director, commented on the resurgence in hybrid sales, noting that many consumers view hybrids as a transitional option before fully committing to electric vehicles.
She said: “Used car sales volumes are practically back to where they were in Q3 2023.
“We have been pleasantly surprised by the number of hybrids we are now selling with our trade buyers reporting many consumers using them as a stepping stone before going fully electric.
“As always, we are looking to see how the March plate change is going to influence the used market. We will be analysing the volume and prices of used EVs coming back into the market, alongside how many new EVs were registered in the month,” he added.
