Hybrids took the used market by storm in Q1 2024 according to Autorola
- • Autorola sold more used hybrids in Q1 than ever before
- • Sales and prices of hybrids rose in Q1 2024
- • Drivers choose used hybrids instead of making the move to full electric
Hybrids were the star performing used cars in Q1 2024 according to Autorola with sales more than doubling at the same time as prices rising by 3.7%.
With much of the industry’s discussion around BEVs, used hybrids quietly increased their share of sales on Autorola’s MarketPlace online trade portal from 9.4% in Q4 2023 to 13.8% in Q1 2024.
Despite higher volumes of used cars being traded prices rose by 3.7% (£766) from £20,455 in Q4 2023 to £21,221 in Q1 2024, the highest price of any fuel type in the quarter. To put this into perspective Autorola sold more used hybrids in Q1 2024 than any other quarter in its history which suggests many drivers are opting for the flexibility of a hybrid rather than committing to go fully electric.
Hybrid prices were helped by age and mileage reducing from 33 months and 21,337 miles in Q4 to 31 months and 20,468 miles in Q1 2024. Petrol prices also rose by 6.6% in Q1 (£784) to £13,271 as average age and mileage reduced by five months and 3,207 miles to 42 months and 25,997 miles.
Autorola saw the used market bounce back in Q1 2024 by selling 43% more used cars than Q4 2023 where volatile prices forced many dealers to switch off from buying stock.
“Used car sales volumes are practically back to where they were in Q3 2023,” explained Jon Mitchell, Autorola UK’s group sales director.
“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.
