The used electric vehicle (EV) market is showing signs of growth. According to a recent report from the Australian Automotive Dealer Association (AADA), second-hand EVs saw a 13.1 percent increase in sales. In comparison, plug-in hybrid electric vehicles (PHEVs) experienced an 8.9 percent rise in March 2024.
“The used market for electric vehicles is gradually emerging with strong growth in the number of listings and cars sold. PHEVs grew by 8.9%. Customers in the market for a used EV have plenty of bargaining power as the number of listed vehicles is well above the number being sold,” said AADA CEO James Voortman.
March Used Car Market at a Glance
Overall, Australia’s used car market saw remarkable resilience last month. 184,054 used vehicles sold despite fewer trading days due to the Easter holidays. Meanwhile, 287,620 cars were listed for sale, a slight increase of 0.5% compared to the previous month.
New South Wales saw by far the biggest monthly increase in sales of 7.1%. On the other hand, sales in the Northern Territory declined by 6.2%.
“Ongoing strength in new car sales has improved the supply situation on the used car market leading to more choice and improved affordability. Consumers are in a good position to shop around and negotiate a good price for a used car,” Mr. Voortman said.
This month, the average time to sell a used car is 44.2 days, the lowest it has been for 12 months.
Retained values continue their gradual decline with passenger vehicles holding their value best for vehicles in the 2 to 4-year age bracket (85.1%). Meanwhile, Utes perform best for the older 5 to 7-year category (71.3%).
“While retained values continue to trend downwards, the cars which are holding their value the best are smaller used cars such as the Toyota Yaris, the Honda Jazz and the Mazda 2 which are all highly sought after by Australians,” explained Mr. Voortman.
The Ford Ranger remains Australia’s best-selling used car, followed by the Toyota Hilux.
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