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Used Car Sales Figures Bounce Back in January

Posted on by Ashleigh Sykes

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 have increased their purchases of used cars in January with an increase of 7.3 per cent in cars sold compared to December 2023,” said AADA CEO James Voortman.

“The market appears to have bounced back after the holiday period, and continued strong supply of new cars has had a flow on effect in the availability of used cars in the market,” he said.

“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 the market will likely remain volatile month-to-month, with a relatively low volume of vehicles being listed for sale,” said Mr Voortman.

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.


Download January AIR

More Than 2 Million Used Cars Sold in Australia in 2023

Posted on by Ashleigh Sykes

The AADA and AutoGrab are pleased to release the first annual Automotive Insights Report (AIR) – Year That Was for 2023.

The data shows that 2,074,535 used cars were sold in Australia in 2023, with strong used car supply aligning with the record year for new vehicle sales.

“This data demonstrates the significance of the used car market in Australia with more than two million used cars sold in 2023. For every new car sold 1.7 used cars were sold, confirming that most Australians are deciding to purchase used cars,” said AADA CEO Mr James Voortman.

“The combined new and used car market saw almost 3.3 million cars sold in 2023 and it is important for industry participants, regulators and policymakers to look at the entire market when making decisions” he said.

“The demand for used cars remained robust in 2023, attributed to our growing population and cost of living pressures reducing buying power,” said AutoGrab Chief Commercial Officer Saxon Odgers.

“The good news for those looking to purchase a used car is that we’ve seen a clear downward price trajectory since March 2023 following a surge of new vehicle supply, with this pattern anticipated to persist through the first half of 2024. This represents a win for consumers who now have a choice when looking to buy their next car as new cars are available for delivery and used cars are more accessible,” said Mr Odgers.

“Congratulations to Toyota for being the top selling used car brand in 2023 and to the Ford Ranger for narrowly beating off the Toyota Hilux to claim the mantle of Australia’s top selling used car for the year,” said Mr Voortman.

“When diving into retained values of vehicles, a topic that interests many consumers and Dealers, we can see that across all age groups, utes and light commercial vehicles held their values above the average. Passenger vehicles across all age groups tracked close to the average, while SUVs were the worst performing vehicle segments in terms of retained value, sitting well below average for all age groups,” he said.

The Automotive Insights Report shows that for 2023:

  • Across Australia 2,013,465 vehicles were listed for sale in 2023 and in that period 2,074,535 were sold.
  • Exceptional demand for used cars, with 34.4 per cent growth since January, hitting its peak in November 2023.
  • Petrol and Diesel Vehicles accounted for more than 96% of used car sales, with Hybrids, (2.7%), EVs (0.7%) and PHEVs (0.1%) growing off a low base.
  • Toyota was the top selling used car brand with 16.6% market share, followed by Mazda (8.2%) and Ford (8%).
  • The Ford Ranger was the top selling vehicle with 65,938 units, pipping the Toyota Hilux (65,852) by only 86 units.
  • Used car prices declined 1 to 1.5% monthly, which was accompanied by a rise in days to sell.

The used EV market saw an almost doubling in supply and sales. However, EVs represent only 0.7% of market share; have below average retained value; and take longer to sell than petrol and diesel cars.

VIEW 2023 AIR - YEAR THAT WAS