The Automotive Insight Report (AIR) for October saw another fall in used car sales, dropping by 3.2% to 202,355 compared to last month. Meanwhile, used car listings have grown by 1% to 317,861, indicating a buyers’ market as used car supply continues to outpace demand.
The average days to sell has increased to the highest point since December last year to 49 days, up from 46.4 days last month.
Across fuel types, petrol and diesel remain the top choice among buyers accounting for over 95% of all sales. However, consumer preferences are gradually shifting toward more fuel-efficient alternatives, driven by an expanding range of options and better affordability. Sales of conventional petrol and diesel vehicles have declined by 4.5% and 2.3%, respectively. In contrast, PHEVs remain the most popular choice, with EVs following closely – both categories experiencing significant sales increases of 27.1% and 22.3%, respectively.
In the states, used car sales declined everywhere except Victoria, which recorded a modest growth of 0.2%.
For the first time, the October AIR report includes a snapshot of Australia’s used EV market. This included a breakdown of EV sales across the states, which showed increases in listings and sales in every state except the Northern Territory. The average time to sell used EVs has increased to 67.3 days, up from a low point of 55 days in August. Turning to top EV makes and models, the MG4 EV was by far and away the best selling used EV in October, recording sales growth of almost 85% on the previous month and selling double the units of its next closest competitor.
Retained values remain on a downward trajectory with every vehicle segment across every age category experiencing a drop in value for the month. Retained values of used EVs in the 1-3 year old category have declined while the older models appear to hold their value better.
Small vehicles in the passenger segment maintain their lead in strongest value retention, with the Kia Picanto replacing the Audi RS3 from last month, at 95.6% in the 2-4 category. The Toyota Yaris remains unbeatable in the 5-7 year old category at 95.4%. In the SUV category, the Suzuki Jimny continues to lead in the 2-4 year category at 113.4% while regaining top position in 5-7 year old category at 114.0%.
HIGHLIGHTS FROM THE AIR FOR OCTOBER
- 202,355 vehicles were sold in October, a decline of 3.2% compared to the previous month.
- Victoria was the only state to observe a jump in sales by 0.2% to 49,463.
- 317,861 used cars were listed for sale in September, an increase of 1 % from the previous month.
- Northern Territory was the only state to observe a significant decline in sales of used EVs.
- Average time to sell a used car has increased to 49 days.
- Every vehicle segment across every age category experienced a drop in retained value for the month.
- The Ford Ranger remains Australia’s best-selling used car, followed by the Toyota Hilux.
- In EVs, MG MG4 was the best-selling vehicle followed by the popular Tesla Model 3.
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 Policy and Communications Officer Urmika Deb on udeb@aada.asn.au.
