Automotive market pricing and intelligence platform, AutoGrab, says the Suzuki Jimny is the vehicle which has the strongest residual values in the Australian used car market.
The platform says that new car prices have surged by nearly 20% in the last year, and a number of popular vehicles continue to appreciate in value in the second hand market,
The data, which looked at automotive trends in 2023, reveals significant increases across various vehicle categories, with the average new passenger car jumping by $5,251 from $30,481 in 2022 to $35,732 in 2023 according to AutoGrab.
It says the average new SUV has already increased significantly, seeing a $2,000 increase in drive-away price from $42,212 in 2022 to $44,210 in 2023.
AutoGrab light commercial vehicles have also seen a jump in price of $5,600 this year, from an average price of $58,116 in 2022 to $63,748 in 2023.
“New vehicle shortages over the past couple of years have seen prices shoot up in 2023 across all vehicle sectors. With supply increasing again now, it is important for new car buyers to do their research and shop around to get the best deal,” AutoGrab chief commercial officer Saxon Odgers says.
“A car is a major asset for many people, the drop in used car prices, combined with the increased cost of new cars means buyers need to be aware of costs and the forecast vehicle retained value.”
Top-5 vehicles for retained value (2-4 years old)
The data also reveals that the fastest-selling used car is the Hyundai Getz, averaging just 15 days to sell, while the next quickest with over 200 sales is the Nissan Tiida (18 days) and the Suzuki Alto (19.1 days). Overall, used cars are taking on average 10 days longer to sell compared to 2022.
As consumers grapple with the rising costs of new cars and the cost of living, the appreciation of specific used models like the Suzuki Jimny and Toyota Yaris Cross offers a silver lining for those who already have one sitting in the driveway.
“The Suzuki Jimny’s appreciation in value is incredible and indicates the strength of its resale market,” Odgers says.
“The data suggests a unique pattern in the market where certain used models are gaining value over time, providing an interesting opportunity for both sellers and buyers.”
“Our technology at AutoGrab gathers data from a variety of sources to help both dealerships and consumers to make informed decisions at all times in what can be a fast moving market.”
AutoGrab’s platform captures and aggregates real-time, market-wide data on all vehicles listed online, using an AI-driven machine learning model to provide accurate pricing and valuations. As well as providing a current value of the vehicle, the business can also provide a prediction of future values and how prices might change over time.
