Australia has posted an impressive used car sales result for the month of March despite the disruption in trade brought on by the Easter holidays.
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.
The used market for electric vehicles is gradually emerging with strong growth in the number of listings and cars sold. Sales of EVs grew by an impressive 13.1% while 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.
Amid all the talk of fuel efficiency standards in recent months, this data underscores the resilience of the ute market. Utes aged 2-4 years were the only category which did not see a reduction in retained value and the likes of the Ranger, Hilux and Triton experienced significant increases in sales from the previous month.
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.
The Ford Ranger remains Australia’s best-selling used car, while Australia’s love affair with Toyota is demonstrated by the fact that it makes up five of the top ten used cars sold in March.
The Automotive Insights Report shows that in March:
- 287,620 vehicles are listed for sale, a slight increase of 0.5% compared to the previous month.
- 184,054 used cars were sold in March, an increase of 2.6% from the previous month.
- The used market for electric vehicles is slowly emerging with strong growth in the number of listings and cars sold.
- Sales of EVs grew by an impressive 13.1% while PHEVs grew by 8.9%.
- Average time to sell a used car is 44.2 days, the 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 2-4 year age bracket (85.1%) while utes perform best for the older 5-7 year category (71.3%).
- The Ford Ranger remains Australia’s best-selling used car, followed by the Toyota Hilux.
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.
