The Automotive Insights Report data for the month of April shows the market for used cars in Australia is stabilising with a steady decline in supply and demand holding firm. There were 183,575 used cars sold in April, representing a slight 0.3% decrease on the previous month while vehicles listed for sale reduced by 3.8%, highlighting a trend of declining listings since the end of 2023.
The used market for hybrids and electric vehicles for the third consecutive month sales of hybrids (5.7% growth) EVs (9.5% growth) and PHEVs (2.7% growth) all outperformed the overall market. There is still a significant oversupply of EVs relative to other fuel types, but the mismatch between demand and supply seems to be reducing with EV sales growing at the same time as EV listings decline.
The average time to sell a used car has remained around the 44-day mark for the past three months, significantly down from the 12-month high of 52 days in November. Retained values continue to decline gradually across all segments with passenger vehicles holding up slightly better than SUVs and LCVs.
While sales volumes underline Australia’s love for utes, retained values show that the most in demand cars in the 2-4 year category were sports cars and smaller passenger cars while in the 4-7 year category it is small and large SUVs.
Highlights from the AIR for April were:
- 276,719 vehicles are listed for sale, a decrease of 3.8% compared to the previous month.
- Listings were down in every state and territory, except for the ACT and South Australia which recorded minor increases.
- 183,575 used cars were sold in April, a minor decrease of 0.3% from the previous month.
- The NT and South Australia both outperformed in sales with increases over 6%. New South Wales saw the largest decline with a 4.3% reduction in sales.
- Sales of EVs grew for the third month in a row, this time by 9.5% while PHEVs grew by 2.7%.
- Hybrid sales also saw decent growth with an increase of 5.7% compared to March.
- Average time to sell a used car is 44.3 days, almost exactly the same as last month.
- Retained values continue their gradual decline with passenger vehicles holding their value best for vehicles in the 2-4 year age bracket (84.9%) while utes perform best for the older 5-7 year category (70.6%).
- The Ford Ranger remains Australia’s best-selling used car; the top 6 best-selling cars remained the same in April as they were in March.
Dealers seeking more granular and local data can contact AutoGrab directly for a tailored solution.
If you are a Dealer of a contributing brand and would like access to the monthly report please email Communications Manager Ashleigh Sykes on asykes@aada.asn.au.
