The January 2024 Automotive Insights Report (AIR) shows the average time taken to sell a used car decreased slightly with consumers starting the year off strongly.
So says the Australian Automotive Dealer Association (AADA), its chief executive James Voortman saying January saw a 7.3% increase in used car sales compared to December 2023, in spite of continued tightening in cost-of-living pressures.
“The market appears to have bounced back after the holiday period, and continued strong supply of new cars has had a flow on effect in the availability of used cars in the market,” says Voortman.
“Petrol and diesel cars accounted for 96% of used cars sold, with hybrid sales increasing by 2.7%.
“The market for used EV and PHEV (plulg-in hybrid) sales decreased in January, and the market will likely remain volatile month-to-month, with a relatively low volume of vehicles being listed for sale.”
AIR shows that in January across Australia 282,713 vehicles were listed for sale and in that period 181,612 were sold.
The data shows the overwhelming majority of used cars being bought and sold have petrol or diesel engines.
The used market for electrified power trains remains volatile with EVs and PHEVs seeing a 9.4% and 4.5% decrease in sales respectively from the previous month.
The average time to sell a used car is 47.7 days which is a slight reduction from the previous month.
Retained values held mostly steady after some recent declines and the record highs of previous years.
Some popular used cars are worth more on average today than when they were sold new and Toyota as a manufacturer holds 10 out of the top 20 available spots for passenger and SUV models aged between two and four years, says the AADA.
The list of top selling cars in the used market closely reflects preferences in the new car market, with the Ford Ranger taking out top spot ahead of the Toyota Hilux.
Click here for more AIR information.
