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AIR: Used Car Listings Increase at the end of the Financial Year

Posted on by Urmika Deb

The June edition of the Automotive Insights Report (AIR) shows a growing oversupply of used cars in Australia as the gap widens between cars listed for sale and cars sold at the end of the financial year. 

The monthly used car market data put out by the AADA and AutoGrab shows that listings grew by 2.1% in June while sales remained largely flat increasing marginally by 0.3%.

The increase in supply has seen used vehicle values decrease across the board, with discounting leading to customers quickly snapping up bargains and average days to sell hitting a 12-month low.

“Buyers are benefitting from the fact that there are a greater variety of used vehicles available for sale at lower prices. Nevertheless, we have not seen a surge in sales relative to listings which may be a result of softer economic conditions as evidenced by the drop in new car sales in June,” said AADA CEO James Voortman.

“The outlier is the Western Australian market which saw an almost 13% drop in used car listings along with a healthy 6.1% increase in sales, meaning the supply situation in the West is tighter than the east coast,” said Mr Voortman.

“Light commercial vehicles, such as utes and vans have greater levels of oversupply than passenger vehicles and SUVs. Utes were the only segment which experienced a decline in sales in June, although they still made up three (Ranger, Hilux and Triton) of the four top selling used vehicles,” he said.

“The declining trend in retained values continues with every vehicle segment across every age category experiencing a reduction in value for the month,” he said.

Vehicles which hold their values best are now almost exclusively small vehicles in the passenger segment with the Toyota Corolla being the best performer in the 2-4 year old (99.8%) segment and the Toyota Yaris in 5-7 year old (99.0%) segment. In the SUV segment the Suzuki Jimny is the frontrunner, holding its value at an extraordinary 116.9% in the 2-4 year old category. 

HIGHLIGHTS FROM THE AIR FOR JUNE

  • 302,848 vehicles are listed for sale, an increase of 2.1% compared to the previous month.
  • Listings experienced the highest increase in the ACT (12.5%), the Northern Territory (9.7%) and Queensland (7.5%). Western Australia was an outlier with a 12.9% reduction in listings.
  • 192,266 used cars were sold in June, an increase of 0.3% from the previous month.
  • Sales were strongest in the NT (12.4%) and weakest in Victoria (-4.6%).
  • Average time to sell a used car is 43.8 days, the lowest it has been over the past 12 months.
  • Retained values continue their gradual decline with passenger vehicles holding their value best in the 2-4 year age bracket (83.3%) as well as for the older 5-7 year category (69.1%).
  • The Ford Ranger remains Australia’s best-selling used car, followed by the Toyota Hilux.
VIEW JUNE AIR

VFACTS June 2024

Posted on by Urmika Deb

After steady growth in new car sales during the first half of the year, figures released by the FCAI reveal a 4.2% drop in sales for June compared to the same month last year. Year to date, sales are up by 8.7% on the same period in 2023.

A total of 119,659 new cars were sold in June. Hybrids, PHEVs, and electric vehicles observed growth, while petrol vehicles declined by 7.3% compared to 2023, reflecting shifting consumer preferences ahead of the New Vehicle Efficiency Standard (NVES).

The AADA has assessed VFACTs Top 10 Makes & Models YTD, ranking them by volume. The AADA has also analysed new car sales figures by state for both the month of June and YTD, as well as fuel types and market segments.

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AIR: Used Car Market Activity Ramps Up Ahead of EOFY

Posted on by Urmika Deb

The May edition of the Automotive Insights Report shows the number of used cars for sale in Australia continuing to grow, putting downward pressure on prices, which in turn is leading to an uptick in sales.  

Used car listings sustained their growth of recent months increasing by 7.2% from the previous month while sales of used cars increased by 4.4%. 

“Ongoing strength in the new car market means that we are seeing an increased supply of used vehicles coming to market, providing consumers with more options at more affordable price points,” said AADA CEO James Voortman.

“We expect this trend to continue, particularly in the next few months leading into the end of the financial year, which traditionally sees increased activity in both the new and used car market,” Mr Voortman said. 

“Over the past month we have seen a marked reduction in used cars being listed by Dealers as more Australians seek to sell their cars privately. With the prevalence of online scams, odometer fraud and the lack of statutory protections when buying private, consumers need to exercise due diligence when engaging in a private-to-private used car transaction,” Mr Voortman said.

“We are also seeing strong sales results for lower emissions vehicles with Hybrids (+6.6%), EVs (+8.0%) and PHEVs (+16.6%) growing above average. EVs were the only fuel type to experience a reduction in supply, which is to be expected given the significant mismatch between demand and supply of used EVs,” he said. 

“The average time to sell a used car has increased slightly to 45.5 days, a likely product of the improving supply situation which is also driving a reduction in retained values across all segments,” Mr Voortman added.

“Vehicles with the strongest retained values are largely sought after and reliable Japanese makes in both the passenger car and SUV segments as well as in the 2-4 year and 5-7 year categories,” he said.

“The Ford Ranger has built on its impressive lead as Australia’s top selling used vehicle and is close to breaching the 6,000 monthly sales mark. The Toyota Hilux comes in second well ahead of the rest of the pack which includes four utes in the top 10,” he said.

“With the end of the financial year nearly here, Australians are making major selling or purchasing decisions, which has led to the used car inventory approaching an oversupply. This is not an unexpected shift and has been met with increased demand and sales for used cars across every state in the country. The retained value of vehicles has continued to fall while the days to sell has increased, reflecting the oversupply of used vehicles,” said Saxon Odgers, Chief Commercial Officer of AutoGrab.

“It is also worth highlighting May’s increase in private inventory for sale, in comparison to April. This reflects past years, as we see an increase in vehicle transactions at the end of the financial year. We expect this to increase further in June and see great buying opportunities as a result,” said Mr.Odgers.

HIGHLIGHTS FROM THE AIR FOR MAY

  • 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.
VIEW MAY AIR

VFACTS May 2024

Posted on by Urmika Deb

New car sales figures released by the Federal Chamber of Automotive Industries reveal another month of strong sales, with buyers favouring hybrid vehicles over electric ones. 

A total of 111,099 new vehicles were sold in Australia in May 2024, observing a 5.1% jump compared to same month last year. Year to date sales saw a 12.2% increase on the same period in 2023.

The AADA has assessed VFACTs Top 20 Brands & Models for May 2024, ranking them by volume.

Fresh AIR: Used Car Market Holds Steady for April

Posted on by Ashleigh Sykes

The Automotive Insights Report data for the month of April shows the market for used cars in Australia is stabilising with a steady decline in supply and demand holding firm.

“There were 183,575 used cars sold in April, representing a slight 0.3% decrease on the previous month while vehicles listed for sale reduced by 3.8%, highlighting a trend of declining listings since the end of 2023. It will be interesting to see if this trend persists given the record number of new cars being sold,” said AADA CEO James Voortman.

“The used market for hybrids and electric vehicles is booming and for the third consecutive month sales of hybrids (5.7% growth) EVs (9.5% growth) and PHEVs (2.7% growth) all outperformed the overall market.”

“There is still a significant oversupply of EVs relative to other fuel types, but the mismatch between demand and supply seems to be reducing with EV sales growing at the same time as EV listings decline,” he said.

“The average time to sell a used car has remained around the 44-day mark for the past three months, significantly down from the 12-month high of 52 days in November, indicating the market is stabilising.”

“Retained values continue to decline gradually across all segments with passenger vehicles holding up slightly better than SUVs and LCVs. Given the fact that the gap between used car supply and demand is reducing, it will be interesting to see what the effect will be on retained values and length of time to sell,” he said.

“The Ford Ranger is Australia’s undisputed favourite used car. Having topped the used car sales charts for the first three months of the year, the Ranger built on that dominance in April increasing its lead on its rivals with sales growing by an impressive 7.4%,” Mr Voortman said.

“The Hilux came in second on the sales charts, one of four Toyota models in the top ten, cementing the Japanese manufacturer’s status as the Australian market leader in both new and used car sales,” he said.

“While sales volumes underlines Australia’s love for utes, retained values show that the most in demand cars in the 2-4 year category were sports cars and smaller passenger cars while in the 4-7 year category small and large SUVs rule the roost,” said Mr Voortman.

Highlights from the AIR for April were:

  • 276,719 vehicles are listed for sale, a decrease of 3.8% compared to the previous month.
  • Listings were down in every state and territory, except for the ACT and South Australia which recorded minor increases.
  • 183,575 used cars were sold in April, a minor decrease of 0.3% from the previous month.
  • The NT and South Australia both outperformed in sales with increases over 6%. New South Wales saw the largest decline with a 4.3% reduction in sales.
  • Sales of EVs grew for the third month in a row, this time by 9.5% while PHEVs grew by 2.7%.
  • Hybrid sales also saw decent growth with an increase of 5.7% compared to March.
  • Average time to sell a used car is 44.3 days, almost exactly the same as last month.
  • Retained values continue their gradual decline with passenger vehicles holding their value best for vehicles in the 2-4 year age bracket (84.9%) while utes perform best for the older 5-7 year category (70.6%).
  • The Ford Ranger remains Australia’s best-selling used car, the top 6 best selling cars remained the same in April as they were in March.
VIEW APRIL AIR

VFACTS April 2024

Posted on by Ashleigh Sykes

April saw another month of records set in the VFACTS new car delivery figures released today by the Federal Chamber of Automotive Industries. April 2024 sales were up 18.3 per cent compared to April 2023. There have been 10 months in the past year where the industry have seen a record monthly sales result.

Hybrid and plug-in hybrid vehicles saw big monthly delivery increases with 194.5 per cent and 138.5 per cent respectively.

The AADA has assessed VFACTS Top 20 Brands & Models for April 2024, ranking them by volume.

AIR: March Used Car Sales Figures

Posted on by Ashleigh Sykes

Australia has posted an impressive used car sales result for the month of March despite the disruption in trade brought on by the Easter holidays.

“There were 184,054 used cars sold in March which is a very impressive result considering the number of trading days lost through weekends and public holidays,” said AADA CEO James Voortman.

“Ongoing strength in new car sales has improved the supply situation on the used car market leading to more choice and improved affordability. Consumers are in a good position to shop around and negotiate a good price for a used car,” he said.

“The used market for electric vehicles is gradually emerging with strong growth in the number of listings and cars sold. Sales of EVs grew by an impressive 13.1% while PHEVs grew by 8.9%. Customers in the market for a used EV have plenty of bargaining power as the number of listed vehicles is well above the number being sold.”

“The average time to sell a used car is now the lowest it has been for 12 months which tells us that sellers are becoming more pragmatic and buyers are taking advantage of lower prices of used cars,” said Mr Voortman.

“Amid all the talk of fuel efficiency standards in recent months, this data underscores the resilience of the ute market. Utes aged 2-4 years were the only category which did not see a reduction in retained value and the likes of the Ranger, Hilux and Triton experienced significant increases in sales from the previous month,” he said.

“While retained values continue to trend downwards, the cars which are holding their value the best are smaller used cars such as the Toyota Yaris, the Honda Jazz and the Mazda 2 which are all highly sought after by Australians.”

“The Ford Ranger remains Australia’s best-selling used car, while Australia’s love affair with Toyota is demonstrated by the fact that it makes up five of the top ten used cars sold in March,” Mr Voortman said.

AutoGrab’s COO Saxon Odgers said, “March was another strong month for Australia’s used car market. While prices of used cars eased slightly, pleasingly the average days to sell remained steady at a low point for the past 12 months at 44 days. We have seen several manufacturers recently reduce the prices of their new cars, with this flowing through to pricing in the second hand market.”

“EV sales grew at a more than 13% which is substantially higher than petrol, diesel and hybrid vehicles. EVs still make up less than 1 per cent of the used car market, with Australians continuing to prefer Ranger’s, Hilux’s and Corolla’s,” said Mr Odgers.

Highlights from the AIR for March were:

  • 287,620 vehicles are listed for sale, a slight increase of 0.5% compared to the previous month.
  • Western Australia led the nation with increased listings of 5.6% while the Northern Territory saw a reduction in listings of 6.7%.
  • 184,054 used cars were sold in March, an increase of 2.6% from the previous month.
  • New South Wales saw by far the biggest monthly increase in sales of 7.1% while sales in the Northern Territory declined by 6.2%.
  • The used market for electric vehicles is slowly emerging with strong growth in the number of listings and cars sold.
  • Sales of EVs grew by an impressive 13.1% while PHEVs grew by 8.9%.
  • Average time to sell a used car is 44.2 days, the the lowest it has been for 12 months.
  • Retained values continue their gradual decline with passenger vehicles holding their value best for vehicles in the 2-4 year age bracket (85.1%) while utes perform best for the older 5-7 year category (71.3%).
  • The Ford Ranger remains Australia’s best-selling used car, followed by the Toyota Hilux.
VIEW MARCH AIR

Customers in Driving Seat as Used Car Listings Grow

Posted on by Ashleigh Sykes

February used car sales figures have been released today in the Automotive Insights Report (AIR). The figures released by AADA and AutoGrab show that the number of used vehicles listed for sale has increased but the number of used cars sold have dropped.

“Overall, the used car market seems to be presenting opportunities for consumers interested in buying a used car,” said AADA CEO James Voortman.

“A strong start to 2024 new car deliveries is flowing down into the used car market, with a slight rise of 1.3 per cent in the number of vehicles listed for sale in the month,” he said.

“While listings increased, sales of used cars dropped by 1.2 per cent from the previous month,” said Mr Voortman.

“Amid all the discussion on fuel efficiency standards, the number of EVs listed for sale is almost four times the number which sold in February, indicating a mismatch between demand and supply of used EVs. Petrol and diesel cars accounted for 95 per cent of used cars sold, with hybrid sales increasing by 4.6 per cent this month,” he said.

“The top 10 selling makes and models list also closely reflects preferences from the new car market, with the Ford Ranger and Toyota Hilux the top selling vehicles for the month,” he said.

“Although February saw a drop in average retained values, for vehicles aged 2-4 years, there are some cars that continue to secure good retained values for consumers with 18 of the top 20 models listed reclaiming their positions from January,” said Mr Voortman.

AutoGrab’s Chief Commercial Officer Saxon Odgers said, “This month’s findings reflect the current strength in the automotive industry, showcasing yet another strong month for car sales across the board.”

“One notable statistic is the average days to sell, which has reached its lowest point since March of last year. This shows a swift turnaround in the market, reflecting growing consumer demand and efficient inventory management strategies,” said Mr Odgers.

The Automotive Insights Report shows that in February:

  • Across Australia 286,329 vehicles were listed for sale and in that period 179,448 were sold.
  • The data shows that the overwhelming majority of used cars being bought and sold have petrol or diesel engines, occupying a 95 per cent market share.
  • The time it takes to sell a used car has gradually come down to 44 days in February after peaking in November at 52 days.
  • On average, retained values saw a month on month decrease.
  • Some popular used car models aged 2-4 years old continue to report a strong return for consumers in terms of their retained values with 18 of the top 20 models listed making a repeat appearance from January.
  • The top 10 selling cars in the used market remained very similar to the previous month with 9 of the top 10 makes and models retaining their spot in the list. It closely reflects preferences in the new car market, with the Ford Ranger taking out top spot ahead of the Toyota Hilux.

DOWNLOAD FEBRUARY AIR

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

VFacts – January 2024 New Car Sales Figures

Posted on by Ashleigh Sykes

New car sales figures for the month of January 2024 were released on 6 February by the FCAI with a record January result. Deliveries have increased by 5.8% compared to January 2023, with a total of 89,782 new vehicles delivered so far this year.

The AADA assessed VFACTs Top 20 Brands & Models for January 2024, ranking them by volume.