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The used market has bounced back in Q1 2024 with 43% more used cars sold than in Q4 2023, when many dealers stopped buying stock because of volatile prices, says Autorola.
As used car sales volumes return to where they were in Q3 2023, the performance of hybrids has stood out this quarter.
Autorola sold more used hybrids in Q1 than any quarter in its history as hybrid sales more than doubled despite used car prices rising by 3.7%. This suggests drivers are refraining from going fully electric, opting for the flexibility of hybrids.
Jon Mitchell, Autorola UK’s group sales director, said: “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.”
Used hybrids increased their share of sales on Autorola’s MarketPlace online trade portal from 9.4% in Q4 2023 to 13.8% in Q1 2024. Age and mileage reduced from 33 months and 21,337 miles in Q4 2023 to 31 months and 20,468 miles in Q1 2024.