The first edition of the Automotive Insights Report (AIR) is live today. AIR is a joint initiative from the Australian Automotive Dealer Association (AADA) and AutoGrab which will provide data on Australia’s used car market every month.
“Prior to the release of AIR there has been no reliable and regular dataset for the used car market, even though more than 65 per cent of all cars purchased in Australia are used cars,” said AADA CEO Mr James Voortman.
“AADA has partnered with the used car market data specialists, AutoGrab, to provide regular market data which will serve as a valuable resource for Dealers, consumers, and enthusiasts interested in the used car market,” he said.
“The first edition of AIR shows that after a number of years of tight supply, Australia’s used car market is seeing increased levels of stock with increases in the time it takes to sell a car and a gradual decline in retained values,” said James.
“AutoGrab is thrilled to partner with the AADA to bring greater transparency to the used car market. For the first time, consumers can navigate the market with confidence, armed with valuable insights into vehicle values and market trends, said Daniel Werzberger, Founder and CEO of AutoGrab.
“In an increasingly challenging landscape for car dealerships, with average days to sell on the rise and retained values experiencing a downward trend across the board, our priority is to revolutionise the way people navigate the used car landscape. This report marks a significant step forward in our mission to make car buying a transparent, informed, and value-driven experience for all,” he said.
The inaugural report shows that in November:
- Across Australia 303,732 vehicles were listed for sale and in that period 206,417 were sold.
- The data also shows that the overwhelming majority of used cars being bought and sold have petrol or diesel engines.
- The used market for battery electric vehicles remains very immature with these vehicles making up only 1.25% of total vehicles for sale and only 0.6% of total cars sold for the month.
- The average time to sell a used car is 52 days which is the highest it has been over the past 12 months.
- Retained values are gradually declining after the record highs of recent years, but there are still several makes and models which are holding their value very well and, in some instances, exceeding their new market value.
- 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.
These statistics will now be released each month, with next month’s release offering full calendar year data for the used car market.
