Australia’s second-hand car market saw a small increase in September with 209,102 used second-hand units sold. This marks a 1.1 per cent increase compared to August. Meanwhile, listings of used cars increased by 5.2 per cent to 314,672.
According to the Australian Automotive Dealer Association (AADA), the average time it took to sell a used car has risen to 46.4 days. This is the longest it has been since January.
“This suggests that sellers are feeling the impact of a growing used vehicle supply, and with retained values dropping, it’s an ideal time for motivated buyers to secure a deal in this market,” the AADA said in a press release.
Used Car Market Statistics
Demand for used cars varies across different states. The Australian Capital Territory (ACT) experienced a notable drop in sales, down 11.2 per cent, while New South Wales (NSW) saw a modest increase of 3.5 per cent. In the Northern Territory, the only state to see a decline in supply, listings fell by 9.1 per cent to 1,558.
Meanwhile, these has been significant rise in sales of used electric vehicles (EVs), which surged by 17.3 per cent compared to last month. This marks the highest monthly increase observed this year. However, EVs remain the most oversupplied fuel type, with listings increasing by 23 per cent in September.
Retained values continued to fall this month. Utes are retaining their value best at the two-year mark, while passenger vehicles excel in the 3 to 7-year age range. Small passenger vehicles show strong value retention, with the Audi RS3 leading at 101.9 per cent in the 2 to 4-year category.
Despite the changes, the Toyota Yaris remains a top performer in the 5 to 7-year category, holding 94.7 per cent of its value. In the SUV category, the Suzuki Jimny is dominant in the 2 to 40year age group at 113.0 per cent, while the Toyota Land Cruiser tops the 5 to 7-year-old segment at 88.3 per cent.
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