Mild Hybrids achieve record used sales after prices falter

MHEVs accounted for a record 10.5% of all used cars sold in October – helped by the popularity of cars like the Ford Puma – says Indicata.

This was nearly double the share of Plug in Hybrids (PHEVs) at 5.5% and a third higher than hybrids at 7.1%.

But despite record sales, stock levels have continued to rise, at the beginning of November accounting for a record 11.9% market share of all used cars available by fuel type.

“Hybrid sales across the board have been strong all year as have prices, but the real test will be how the market copes with the increased volume of used cars coming back from lease, personal finance and salary sacrifice contracts.”

Dean Merritt, Indicata UK head of sales Tweet

“If demand continues to increase in line with this increase in supply, then prices should remain consistently strong, but prices may come under pressure.”

EV values rise

Data provider Marketcheck recently said that the steady decline in used EV prices is potentially coming to an end. Between August and October, average prices rose by over £1,300.

Also, used EVs were the only fuel type to benefit from a rise in prices in October and early November according to the Market Watch report.

Prices rose by 0.9% based on a strong demand in the wholesale and retail sectors with dealers and drivers alike stocking and buying more used EVs.

Sales remained at just over 7% across all used cars by fuel type, but a fall in stock levels has helped keep prices steady on the back of a healthy demand.

“Dealers are buying more used EVs from our wholesale MarketPlace online portal than ever before as they sell more zero emission cars to consumers more quickly. This activation of the wholesale and retail sales ecosystem is what we have been waiting for to help used EVs stake a long-term claim in the overall used market,” said Merritt.