Motorway provides its latest analysis of used car sold prices.
Motorway has launched the first of its quarterly Inside Track reports, which provides analysis of used car sold prices from our online marketplace in the second quarter.
It revealed that demand for used hybrid vehicles is on the rise, amidst continued electric vehicle supply changes, concerns about charging infrastructure and general uncertainty in the market.
Motorway COO James Wilson said: “Manufacturing supply chains, consumer finances and Government decisions all play a role in pricing trends in the used-car market.
“Motorway's new Inside Track report provides an insight into the changes, based on data from sales on our online marketplace.
“This quarter we’ve seen overall demand for used cars remaining largely stable, with average sold prices rising 0.4%.
“Some of our most frequently sold models have seen a notable increase in sales prices, such as MINI Cooper, VW Golf and Ford Fiesta.
“Hybrid and EV sales prices experienced contrasting changes in the second quarter.
“We know from research that there is a consumer desire to make the switch to more sustainable motoring, which is reflected by used hybrid sales prices rising 2.9%.
“In contrast, the average sales price of used fully electric vehicles dropped 8.1% over the same period, reflecting changes in supply as well as uncertainty in the market.
“With a new Government in place, there needs to be more of a focus on building and maintaining an EV infrastructure that reassures buyers, both trade and consumer.
“Addressing some of the uncertainty in the market will make it easier for consumers and dealers to buy and sell used EVs and therefore make lower emission motoring an option for all.”
Key takeouts
Demand remained largely stable in the second quarter, with average used car sold prices increasing 0.4%.
Electric and hybrid sales prices experienced contrasting changes, with electric sales prices falling 8.08% and hybrid sales prices increasing by 2.85%.
This shows that there is industry recognition of the consumer desire for lower-emission used cars, but prices are being affected by supply changes as well as general uncertainty about fully electric vehicles.
The 10 most sold used cars on Motorway in Q2 is still dominated by petrol and diesel vehicles, with certain models seeing a notable increase in sold prices.
MINI Coopers remain in demand as the most frequently sold car in Q2, with average sold prices rising 3.69% QoQ.
Average sold prices of VW Golf and Ford Fiesta are also on the rise, with these models selling for 3.87% and 4.65% more respectively.
Research by Motorway shows that 8-in-10 Brits (82%) are willing to pay a premium for a used EV, with a third (32%) actively considering purchasing.
Consumer perception of the affordability of used electric vehicles is positive, with four in 10 (41%) citing general affordability, including running costs, as a reason why they’re considering buying.
They (35%) also referenced that the lower prices for used EVs, compared to new, is another reason why electric vehicles are a serious consideration for them.
Sustainability (29%) rounded out UK consumers’ top three reasons for considering a used EV, showing this remains high on the public’s agenda despite continued cost-of-living pressures.
However, concerns about battery life (39%) and range anxiety (33%) topped the list among consumers, as well as charging speeds (29%) and a lack of sufficient charging infrastructure (18%).
One in five potential buyers (20%) are also concerned about used EV’s depreciating in value, as well as whether local garages have the skill set to maintain an electric vehicle (17%).
A third (32%) of Brits want to see the new administration invest more money into EV infrastructure like charging points, while grants for buyers (27%) and tax breaks for manufacturers (20%) that make EVs more affordable were also high on the public’s wishlist.
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Consumer Survey
The research was conducted by Opinion Matters, among a sample of 2,005 UK Respondents aged 16+.
The data was collected between 10.07.2024-12.07.2024. Opinion Matters abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Opinion Matters is also a member of the British Polling Council.
Motorway’s Inside Track
Data based on sales of used cars less than five years old, via Motorway’s platform, between April 1st - June 30th 2024 (Q2), compared to January 1st - March 31st 2024 (Q1)