The proportion of used hybrid and electric vehicles (EVs) stocked by dealers reached record levels in January.
The two accounted for 17% of listings on Motors, up from 12% last January. The growth in inventory share was led by hybrids, up from 8% to 11% year-on-year (YoY), while EVs grew from 5% to 6%.
Both fuel types have gained at the expense of ICE vehicles with petrol falling three percentage points to 51% and diesel down three percentage points to 32%.
The average price of an EV in January was £25,701, a YoY drop of 15% (£4,391) from £30,092, while hybrids were static at £25,334.
The YoY drops in EV prices was seen across all age bands with under two years down 14%, 2-5 years down 16%, 5-10 years down 21.5% and over 10 years down 39%.
More competitive EV pricing resulted in some fast sales with the MINI Countryman averaging just 10 days in stock, followed by the Volkswagen Golf (11 days) and Audi Q4 (15 days).
The fastest selling hybrids for the month were the MG ZS (14 days), Audi Q5 (18 days) and Kia XCeed (18 days).
“Our January Market View reveals how lower prices are making used EVs more attractive to consumers, encouraging dealers to add them to their forecourts,” said Lucy Tugby, Marketing Director of Motors.
“In December average EV prices dropped under £26,000 for the first time ever, achieving near parity with hybrids. With more EVs entering the used market and a greater number of models to choose from, buyers considering alternative fuel vehicles are now starting to see them as affordable alternatives to ICE vehicles.
“For dealers this means maintaining a good stock mix by fuel type and sourcing EVs with greater confidence. They also now have an opportunity to communicate the increasing affordability of used EVs as part of their in-store and online marketing,” said Tugby.
