Electric and hybrid demand outstripping supply
Electric and hybrid demand is outstripping supply, according to new analysis from Cazoo.
It reported that searched for electric vehicles have doubled year-on-year, while hybrid searches have increased by 14%.
However, just 17.8% of cars listed by dealers are electric or hybrid. It found that electric vehicles accounted for 6.9% of listings compared to 6.5% in last July, while hybrids made up 11.2% of listed used cars compared to 10.9% a year ago.
Against this, 51.5% of listed cars a petrol while 30.7% are diesel.
The data also found that average price of a used car on Cazoo dipped by 0.4% in July to £17,397, meaning prices have fallen three months in a row and every month but April this now, and are now 0.7% below average prices last summer.
Increased volumes
Lucy Tugby, chief marketing officer of Cazoo, said: “Used EV and hybrid consideration continues to grow, as witnessed by the increased volume of ad views we are tracking, however buyer interest is outpacing supply despite dealers maintaining robust overall stock levels in July.”
She added: “July’s used car market was stable with modest price fluctuations in line with trends we have observed since the beginning of the year.
“In tandem with this softening we have tracked increased year-on-year searches for many value brands, evidence that affordability is still an important focus for many used car buyers.”
