The January used car sales figures have been released today in the first monthly edition of the Automotive Insights Report (AIR) for 2024.
The January 2024 AIR shows that the average time taken to sell a used car decreased slightly this month with consumers starting the year off strongly.
Despite the continued tightening in cost-of-living pressures, customers increased their purchases of used cars in January with an increase of 7.3 per cent in cars sold compared to December 2023.
Petrol and diesel cars accounted for 96 per cent of used cars sold, with hybrid sales increasing by 2.7 per cent this month. The market for used EVs and PHEVs sales decreased in January, and it is predicted that the market will likely remain volatile month-to-month for some time.
The Automotive Insights Report shows that in January:
- Across Australia 282,713 vehicles were listed for sale and in that period 181,612 were sold.
- The data shows that the overwhelming majority of used cars being bought and sold have petrol or diesel engines.
- The used market for electrified power trains remains volatile with EVs and PHEVs seeing a 9.4 per cent and 4.5 per cent decrease in sales respectively from the previous month.
- The average time to sell a used car is 47.7 days which is a slight reduction from the previous month.
- Retained values held mostly steady after some recent declines and the record highs of previous years.
- Some popular used cars are worth more on average today than when they were sold new and Toyota as a manufacturer holds 10 out of the top 20 available spots for passenger and SUV models aged between two and four years.
- The list of top selling cars in the used market closely reflects preferences in the new car market, with the Ford Ranger taking out top spot ahead of 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.
