According to carsales, a year-on-year (YoY) decline in median used car prices means the upcoming holiday period is a prime time for intenders to buy a car that may be on their wish list.
The median delisted price in November 2023 for used cars from dealers is currently down 6.3% YoY, and private sale prices are down 4.1% YoY according to carsales.
It says some vehicles that had a median price of above $50K in November 2022 are now priced under $45K more than 12 months later.
Examples include a 2022 Toyota RAV4 (was $56,990 as a dealer used listing, now $41,990) and a 2015 BMW X5 (was $52,000 as a private used listing, now $42,000).
“We are currently seeing a worthwhile reduction in used car prices and this is good news for buyers,” carsales editor-in-chief Mike Sinclair says.
“Whether people are looking to buy a second car for the family or find the ultimate first car for an eager L or P-plater, the time is right this holiday period and also as we head into the New Year.
“The increase in new car prices will continue to keep used car prices solid. In November 2023, the top three most searched used vehicles across the board were Toyota Landcruiser, Toyota Hilux and Ford Ranger.
With the wait times still a consideration for new vehicles, there are many popular used models available at a more affordable price,” Sinclair says.
