Press release
Used hybrids outpace all other fuel types in July according to INDICATA’s latest Market Watch report
- Market share of used petrol cars falls by more than 10% in just 18 months
- Four out of every 10 used cars purchased in July were either a hybrid or EV
- Diesel takes its lowest ever share of the used market
The used car market is witnessing a significant shift towards hybrids away from petrol according to the latest INDICATAMarket Watch report.
Mild Hybrid Electric Vehicles (MHEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) accounted for almost one in three (30.8%) of July’s sales of used cars up to four years old.
This came at the expense of petrol cars whose market share has fallen by over 10% in just 19 months from 59.8% in January 2023 to 49.4% in July 2024.
The market share of EVs meanwhile rose to 9.4% in July as falling prices continue to entice consumers to buy used EVs. That means more than four out of every 10 (40.2%) used cars purchased in July were either a hybrid or an EV.
Further reinforcing the growing appeal of EVs in the current market, the Audi e-tron and MG ZS EV headed up INDICATA’s list of the fastest-selling used cars in July,
Diesel market share meanwhile continues to fall – it was 10.3% in July, the lowest on INDICATA’s record and by the end of the year it is likely to be in the minority as EVs look set to overtake them.
Dean Merritt, Head of Sales, Autorola UK, commented: “Drivers have been switching to hybrids increasingly over recent months, especially those that aren’t quite ready to make a move to a full EV.
“Hybrids like EVs are all part of the seismic change that the used market is currently going through, with consumers being given more choice when they purchase their next used car. However, from the evidence in our July report consumers are continuing to embrace this opportunity to move away from traditional ICE cars,” he added.