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    Motorway’s Inside Track

    Today we launched the first of our quarterly Inside Track reports, providing insight into used-car sold prices from our online marketplace in Q2. Overall, it found that industry demand for used-hybrid vehicles is on the rise, amidst continued EV supply changes, concerns about charging infrastructure and uncertainty in the market.

    James Wilson, COO at Motorway, 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 top 10 most frequently sold models have seen a notable increase in sales prices, such as MINI Cooper, Volkswagen Golf and Ford Fiesta.

    “Hybrid and EV sales prices experienced contrasting changes in Q2. 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 increasing by 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.”

    top 10: *Data from all cars sold on Motorway under five years old in Q2 compared to Q1
    regional: *Regional data from all cars sold on Motorway

    Key takeouts:

    Overall demand for used-cars remained largely stable in Q2, with average sold prices rising 0.4%.

    Hybrid and EV sales prices experienced contrasting changes, with EV sales prices dropping by 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 impacted by supply changes as well as general uncertainty about fully electric vehicles.

    The list of top 10 most frequently 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 on the platform. 

    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 Volkswagen Golf and Ford Fiesta are also on the rise, with these models selling for 3.87% and 4.65% more in Q2, respectively. 

    Consumer 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 4-in-10 (41%) citing general affordability,  including running costs,  as a reason why they’re seriously considering purchasing. 

    Consumers (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 health (39%) and ‘range anxiety’ (33%) topped the list among consumers, as well as charging speeds (29%) and local areas lacking in 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 skillset 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. 

    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).

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