AIR: May Used Car Sales Figures

The Automotive Insights Report data for May shows the number of used cars for sale in Australia continuing to increase, with listings growing in every state and territory, putting downward pressure on prices and driving an increase in sales.

There were 191,625 used cars sold in May, representing a 4.4% increase on the previous month while vehicles listed for sale also increased by 7.2% to 296,542, reversing the trend of declining listings this year.

The used market for hybrids and electric vehicles saw strong demand for the fourth consecutive month, with EVs (8%), hybrids (6.6% growth) and PHEVs (16.6% growth) all continuing the gradual demand growth trend. However, May saw a 7.3% decrease in EV listings, which is not surprising given the significant mismatch between EV supply and demand.

The average time to sell a used car has remained around the 45-day mark (45.5 days for May) for the past four months, significantly down from the 12-month high of 52 days in late 2023.

While sales volumes continue to underscore Australia’s love for utes, passenger vehicles continue their dominance in retained values with the 2-4  year category at (84.1%) as well as the older 5-7 year category at (69.8%).

Across the board, retained values continue to trend downwards and the cars that are holding their value the best are smaller used cars such as the Mitsubishi Mirage, Toyota Yaris and Honda Jazz.

The Ford Ranger remains Australia’s best-selling used car, while Toyota continues its reign as one of the most in-demand used car brands, making up five of the top ten used cars sold in May.

Highlights from the AIR for May were:

  • 296,542 vehicles are listed for sale, an increase of 7.2% compared to the previous month.
  • Listings grew in every state and territory with South Australia experiencing the highest increase with 8.5% and Tasmania being the lowest at 2.0%%.
  • 191,625 used cars were sold in May, an increase of 4.4% from the previous month.
  • Sales grew in every state and territory with Queensland and the ACT experiencing the biggest monthly increase in sales of 7.3%.
  • Petrol and Diesel vehicles dominate the used car market, but there has been strong growth in lower emissions vehicles, such as hybrids, EVs and PHEVs.
  • Average time to sell a used car is 45.5 days, an increase of over a day from the previous month.
  • Retained values continue their gradual decline with passenger vehicles holding their value best in the 2-4 year age bracket (84.1%) as well as for the older 5-7 year category (69.8%).
  • 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.

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