The Automotive Insight Report (AIR) for September shows a modest uptick in used car sales, while used car listings continued to increase continuing a trend of month-on-month increases in listings since May.
Listings of used cars increased by 5.2% to 314,672 while sales increased by 1% to 209,102.
The average days to sell has increased to 46.4, the highest it has been since January. This suggests that sellers are feeling the impact of a growing used vehicle supply, and with retained values dropping, it’s an ideal time for motivated buyers to secure a deal in this market.
Supply has increased in every state except the Northern Territory, however demand for used vehicles is a mixed bag, with some states recording substantial decreases (ACT down 11.2%) and others recording moderate increases (NSW up 3.5%).
Sales of used EVs have surged by 17.3% compared to last month, marking the highest monthly increase observed this year. However, EVs are still the most oversupplied fuel type, a trend further compounded by a 23% increase in EV listings in September.
Retained values continue to fall, with almost every vehicle segment across every age category experiencing a drop in value for the month. With more granular retained values data released this month, it is evident that Utes hold their value best at the two-year mark but are quickly surpassed by passenger vehicles in the 3-7 year age range.
Small vehicles in the passenger segment continue to demonstrate the strongest value retention, with the Audi RS3 claiming the top position at 101.9% in the 2-4 category, breaking Toyota’s longstanding reign. However, the Toyota Yaris maintains the lead at 94.7% in the 5-7 year old category. In the SUV category, the Suzuki Jimny remains dominant in the 2-4 year old category at 113.0%, while the Toyota Land Cruiser has taken the top spot in the 5-7 year-old segment at 88.3%.
HIGHLIGHTS FROM THE AIR FOR SEPTEMBER
- 209,102 vehicles were sold in September, recording a jump of 1.1% compared to the previous month.
- Northern Territory was the only state to observe a decline in supply by 9.1% to 1558 compared to August.
- 314,672 used cars were listed for sale in September, an increase of 5.2% from the previous month.
- ACT (-11.2%) and NT (-6.0%) continue to be the worst performers in terms of used car sales.
- Average time to sell a used car is 46.4 days, just under the high point of 47.7 this year in January.
- Retained values have consistently declined with passenger vehicles holding their value best in the 3-7 year old category and utes holding their value best in the 2 year old category.
- 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 Policy and Communications Officer Urmika Deb on udeb@aada.asn.au.
