According to the latest Quarterly Automotive Report from marketplace Pickles, the Australian used car market experienced significant growth in the second quarter of 2024.
It reports increased electric vehicle (EV) sales and high customer satisfaction.
The used car market has seen a post-COVID resurgence, with a total outflow of 16,666 vehicles in Q2 2024, representing a 34% year-on-year increase and the highest volume in four years, according to Pickles.
EV sales have soared by 246% year-on-year, setting a new quarterly record. This growth underscores a significant shift among Australian consumers towards sustainable automotive solutions, says Pickles.
Despite increased supply and diversity of vehicles, it says used car prices have remained resilient, approximately 20% higher than pre-COVID levels.
Customer satisfaction in the used car market remains strong. Pickles’ Motor Vehicle customer Net Promoter Score (NPS) nearly doubled from 20.9 to 40.4 over the past 12 months, indicating high consumer contentment and loyalty.
“The strong performance of the used car market in Q2 2024 highlights the resilience and adaptability of Australian consumers,” Pickles chief commercial officer Fraser Ronald says:
“The surge in EV sales is particularly noteworthy, as it reflects the growing acceptance and demand for sustainable vehicles. Our data shows that EV buyers are well-informed and comfortable with online purchases, a trend that is likely to continue.”
Market Trends
The variety of EV models available in the used car market continues to expand, with the Tesla Model 3, Hyundai IONIQ, and Nissan LEAF among the top sellers according to Pickles.
The supply of repossessed vehicles has increased due to ongoing cost-of-living pressures and high inflation rates, contributing to the overall growth in used car availability.
The Federal Government’s upcoming New Vehicle Efficiency Standard (NVES) is expected to boost new EV model availability and adoption further, supporting continued growth in the used EV market.
The report provides a comprehensive overview of current market conditions and future projections, offering valuable insights for consumers, dealers, and industry stakeholders.
To view the full Quarterly Automotive Report click here
