News
Gallery5
The latest monthly instalment in the Australian Automotive Dealer Association (AADA) and AutoGrab's Automotive Insights Report (AIR) shows those shopping for a used car are starting to see a normalising of the market after a few years prices close to and sometimes over retail.
Figures for February show that the number of used vehicles listed for sale has increased, but the number sold has dropped – reflecting a long overdue improvement in supply across the new-car market.
“A strong start to 2024 new car deliveries is flowing down into the used car market, with a slight rise of 1.3 per cent in the number of vehicles listed for sale in the month,” said AADA CEO James Voortman. “While listings increased, sales of used cars dropped by 1.2 per cent from the previous month”.
“Overall, the used car market seems to be presenting opportunities for consumers interested in buying a used car,” said Mr Voortman. In other words, it’s becoming more of a buyers’ market.
5
Key Points
- 286,329 used vehicles were listed for sale in Australia in February 2024, and 179,448 were sold.
- 95 per cent of used cars bought and sold had petrol or diesel engines.
- The time it takes to sell a used car has come down to 44 days in February after peaking in November at 52 days.
- Retained values, on average, decreased.
- The top 10 selling used cars closely reflect preferences in the new car market, with the Ford Ranger taking out top spot ahead of the Toyota Hilux.
Demand for used EVs lagged behind supply
Increasing sales of new EVs over the last few years may not yet be translating to the used market, with EVs accounting for approximately 5% of used sales.
“Amid all the discussion on fuel efficiency standards, the number of EVs listed for sale is almost four times the number sold in February, indicating a mismatch between demand and supply of used EVs. Petrol and diesel cars accounted for 95 per cent of used cars sold, with hybrid sales increasing by 4.6 per cent this month,” he said.
Retained values of certain models are still extremely high
Average retained values for vehicles aged 2-4 years dropped in February, but some passenger cars and SUVs were selling for close to or greater than their purchase value.
5
Retained Value (RV%)
Top 10 makes & models (2-4 years old)
| Passenger Cars | Avg. RV% | Avg. Days to Sell |
|---|---|---|
| Toyota 86 | 106.90% | 64.4 |
| Honda Jazz | 105.10% | 35.6 |
| Toyota Yaris | 104.60% | 31.2 |
| Kia Picanto | 99.40% | 31.2 |
| Ford Mustang | 97.80% | 45.4 |
| Honda Civic | 96.00% | 39.2 |
| Toyota Corolla | 96.00% | 36 |
| Mini Hatch | 94.90% | 58.5 |
| Suzuki Swift | 94.80% | 20.3 |
| Toyota Camry | 94.70% | 40.5 |
5
| SUVs | Avg. RV% | Avg. Days to Sell |
|---|---|---|
| Suzuki Jimny | 128.90% | 33.5 |
| Toyota Landcruiser | 107.40% | 50.3 |
| Toyota Yaris Cross | 103.30% | 56.7 |
| Land Rover Defender | 100.70% | 65.4 |
| Toyota RAV4 | 100.70% | 42.9 |
| Nissan Patrol | 100.10% | 46 |
| Toyota Fortuner | 94.70% | 49.1 |
| Toyota C-HR | 93.90% | 43.5 |
| Jeep Wrangler | 92.20% | 55.8 |
| Toyota Landcruiser Prado | 91.20% | 48 |
AutoGrab’s Chief Commercial Officer Saxon Odgers said, “This month's findings reflect the current strength in the automotive industry, showcasing yet another strong month for car sales across the board.”
5
More cars to buy, fewer cars selling – and they’re selling faster
“One notable statistic is the average days to sell, which has reached its lowest point since March of last year," Odgers said.
"This shows a swift turnaround in the market, reflecting growing consumer demand and efficient inventory management strategies."
MOREWheels Industry
Please enable JavaScript to view the comments powered by Disqus.
COMMENTS