The average age of EVs and hybrids traded in October was 3.5 years. Credit: kozirsky / Shutterstock.

UK’s digital remarketing platform Dealer Auction’s latest data reveals a younger and more profitable alternatively fuelled vehicles (AFVs) market in October 2024 with a rise in demand and trade prices.

Last month, AFVs traded between dealers showcased a younger profile, fewer miles, and increased profitability compared to the previous month, according to Dealer Auction’s Electric Vehicle (EV) Performance Review.

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The UK’s trade-to-trade platform saw a 10% increase in bids for EVs and hybrids, with the average sold price rising 9.5% to £15,706.

The average age of EVs and hybrids traded last month was 3.5 years, a decrease from 4.1 years in the previous month and notably younger than at the start of the year.

Dealer Auction marketplace director Kieran TeeBoon said: “As the automotive retail landscape continues to shift, interest in EVs and hybrids on our platform continues to grow. This monthly temperature check shows a flurry of younger vehicles on the move.

“The benefit is two-fold. Firstly, knowing there’s an active resale market might incentivise owners to trade in their low-mileage EVs sooner. Secondly, having fewer years and miles on the clock are traits that could encourage drivers who are in two minds to make the jump to electric or hybrid.”

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Hybrids dominated the AFV market, claiming all spots in the top ten vehicles by volume sold and by average gross margin, and 90% of the top ten by CAP performance.

TeeBoon added: “The EV Performance Review continues to provide brilliant insights about a changing used market, showing AFVs proving a compelling option when replenishing their forecourts. October’s numbers are very positive, ahead of a traditionally challenging quarter. Even though they represent a small proportion, compared to ICE, it’s interesting to see how brands are shaping up for the remainder of 2024, in terms of EVs.

“It’s encouraging to see models command a strong margin, plus a healthy increase in the number of views that translate into bids. With so many different forces at play in the used car market, it’s more important than ever to be on top of changing consumer demand as it continues to shift towards sustainable mobility options.”

Mileage also saw a significant drop to 32,456 from nearly 38,000 in September, a decrease of around 15%, indicating that younger models are being traded more rapidly.

Additionally, ad views and retail margins experienced slight increases of 1.8% and 2.8%, respectively.