Ahe Australian Automotive Dealer Association and AutoGrab have released the first Mid 2024 – Automotive Insights Report (AIR).
The data shows that 1,211,484 used cars were listed for sale in the first six months of the year, representing a 25% increase compared to last year, driven by record- high new car sales.
This growing inventory has been accompanied by growing sales, with 1,112,580 used cars sold, an increase of 16% in the same period last year.
“The surge in listings has decreased used car values across every vehicle segment. National weighted average retained values for utes are down 11.8%, SUVs are down 8.2%, and passenger vehicles experiencing the smallest decline, down 5.9%,” AADA chief executive James Voortman says.
“There is a clear trend of improving used car supply resulting in lower prices, which in turn has led to higher sales,” he says.
“This data also demonstrates growth in used cars being listed for sale privately, with the proportion of dealer listings down 7.5%,” AutoGrab chief commercial officer Saxon Odgers says.
“The private market share has risen to 67.5% (817,751 listings) compared with 59.9% (576,531 listings) in the prior corresponding year, and private sellers take 13 fewer days to sell compared to dealers.
“The data also shows that dealer sales remain steady with the average time a dealer takes to sell a vehicle at the 50-day mark, consistent with last year. However, dealer listing price drop statistics are showing an increase from last year, suggesting that the growing supply in the market is being felt by sellers across the board,” he says.
“Sales of used hybrids and EVs were strong for the first half of 2024, with both categories growing by around 80%. While both categories experienced a reduction in value, one-year- old hybrids still command a 3.5% higher sale price than their original retail price, while EVs have depreciated by -17% in value,” Voortman says.
Toyota is the used car market leader, capturing almost 17 % market share. The Ford Ranger continues to dominate used car sales with 38,804 units sold YTD, followed closely by the Toyota Hilux with 34,736 units sold YTD. Australian Automotive Dealer Association Ltd
The Mid 2024 Automotive Insights Report shows that:
• Across Australia, 1,211,484 vehicles were listed for sale YTD; in that period, 1,112,580 units were sold.
• Increasing demand for used cars, with sales experiencing a 16% per cent growth compared to last year.
• Sales are up in almost every fuel type, with PHEVs experiencing the largest growth in sales at 112.9%.
• Toyota was the top-selling used car brand with a 16.8% market share, followed by Mazda (8.3%) and Ford (7.9%).
• The Ford Ranger was the top-selling vehicle, with 38,804 units, followed by the Toyota Hilux, which had 34,736 units.
