For the first time since February 2020, carsales has seen a year-on-year (YoY) decline in median used car prices – with the average listing price for dealer used cars currently down 3.4% YoY (as at May 31, 2023).
In May 2023, the top three most searched dealer used vehicles were the Ford Ranger, Toyota Hilux and Toyota LandCruiser Prado.
The Ford Ranger Wildtrak 2017, Toyota Hilux SR5 2018 and Toyota LandCruiser Prado GXL 2015 are just some of the models that have gone from an average price of above $50K in May 2022, to an average price of $46,500, $49,900 and $44,300 respectively in May 2023.
“The used car boom has been a constant talking point among Aussies since the start of the pandemic when contributing factors such as consumer demand, restrictions on trading ability and availability of new cars came into play,” said carsales Editor-in-Chief, Mike Sinclair.
“Currently, we are seeing some worthwhile reductions and while it’s unlikely used car prices are going to drop massively, it’s still good news for Aussie car buyers.
The End of the Financial Year (EOFY) is just around the corner and whether Aussies are looking to buy a second car for the family, trade in an older vehicle, find the ultimate first car for an eager L or P-plater or purchase a vehicle for commercial needs, the time is right to get in touch with local dealers.
“Buying during EOFY is a good time to ask questions, stay firm on your budget, do your due diligence, and compare all options – there may be demo vehicles available as dealers look to clear the decks or perhaps an older model you’ve had your eye on is selling for a slightly more affordable price,” he says.
Sinclair says the increase in new car prices will keep used car prices solid.
“The relationship between the price of new cars and used is obvious. We’re paying more for new cars and that will continue to be reflected in used prices,” he says.
