Used hybrid vehicle values exceed EVs
Used hybrid vehicle values are holding firm but second hand electric vehicle prices have plummeted, according to Cox Automotive.
It found that hybrid and electric residual values were almost completely aligned in November 2022, at 90% and 88%.
However, by July last year hybrids under two years old were holding 68% of their original value while pure electrics of the same age had dropped to 49%.
Despite this, demand for hybrids remains robust. The Society of Motor Manufacturers and Traders reported that plug-in hybrid registrations are up 31.5% year-to-date and hybrid electric vehicles increasing by 6.5%, while research from Regit and Cox Automotive shows that almost one in three (29%) drivers are considering a hybrid for their next purchase.
Cost-effective solution
Philip Nothard, insight director at Cox Automotive Europe, said: “Hybrid vehicles offer drivers an alternative, cost-effective solution for buyers who want to transition to a more sustainable form of transport but have concerns around range or infrastructure.
“This is driving demand for them in the used car market, which helps support stronger residuals. Additionally, these vehicles have a lower cost of entry than their electric equivalents, which means they hold their value better when entering the used market.”
