The Automotive Insights Report (AIR) for used car sales in February 2024 has been released by the Australian Automotive Dealer Association (AADA) in conjunction with AutoGrab.
The AIR shows that the number of used vehicles listed for sale has increased, but the number of used cars sold has declined.
“Overall, the used car market seems to be presenting opportunities for consumers interested in buying a used car,” AADA chief executive James Voortman says.
“A strong start to 2024 new car deliveries is flowing into the used car market, with a slight rise of 1.3% in the number of vehicles listed for sale in the month. While listings increased, sales of used cars dropped by 1.2% from the previous month.
“Amid all the discussion on fuel efficiency standards, the number of EVs listed for sale is almost four times the number sold in February, indicating a mismatch between demand and supply of used EVs. Petrol and diesel cars accounted for 95% of used cars sold, with hybrid sales increasing by 4.6% this month.
“The list of top 10 selling makes and models also closely reflects preferences from the new car market, with the Ford Ranger and Toyota Hilux being the top-selling vehicles for the month
“Although February saw a drop in average retained values, for vehicles aged 2-4 years, some cars continue to secure good retained values for consumers with 18 of the top 20 models listed reclaiming their positions from January,” he says.
The Automotive Insights Report shows that in February:
- Across Australia, 286,329 vehicles were listed for sale; in that period, 179,448 were sold.
- The data shows that the overwhelming majority of used cars being bought and sold have petrol or diesel engines, occupying a 95 per cent market share.
- The time it takes to sell a used car has gradually come down to 44 days in February after peaking in November at 52 days.
- On average, retained values saw a month-on-month decrease.
- Some popular used car models aged 2-4 years old continue to report a strong return for consumers regarding their retained values, with 18 of the top 20 models listed making a repeat appearance in January.
- The top 10 selling cars in the used market remained similar to the previous month, with 9 of the top 10 makes and models retaining their spot. It closely reflects preferences in the new car market, with the Ford Ranger taking the top spot ahead of the Toyota Hilux.
“This month’s findings reflect the current strength in the automotive industry, showcasing yet another strong month for car sales across the board,” AutoGrab’s chief commercial officer Saxon Odgers says.
“One notable statistic is the average days to sell, which has reached its lowest point since March last year. This shows a swift turnaround in the market, reflecting growing consumer demand and efficient inventory management strategies,” he says.
