The constrained supply chain for new vehicles in Australia is pushing up auction prices for late model vehicles with delivery mileage as canny owners cash in on demand exceeding supply.
Lloyds Auctions says a 2022 Chevrolet Corvette which normally retails for $160,000, was sold under the hammer for $255,000, gaining the owner a $95,000 windfall.
“We have seen this as a trend with many brand-new cars recently as wait times become longer and longer, usually a minimum of 12 months and some up to 2 years or more,” Lloyds Auctions chief operating officer Lee Hames.
“In an upcoming passenger, luxury and commercial vehicles auction there are two 2022 Toyota model vehicles available which we believe we will see a similar trend in results,” Hames says.
The two vehicles up for auction are a 2022 Toyota Landcruiser GXL and a 2022 Toyota Hilux SR both with delivery kilometres only on the cars.
The Landcruiser retails for just over $75,000 and the Hilux between $24,000 and $70,000 depending on the model, and both are subject to a 12 month delivery period.
“Being just under a week out from the auction, bids are approaching their retail prices and we have eager bidders who are wanting them now,” Hames says.
Earlier in March this year Lloyds auctioned second-hand Tesla’s for higher prices than their original price where a 2022 Tesla Model 3 sold for $73,000 when it normally retailed for $68,000.
More than 220 passenger and commercial vehicles will go under the hammer at 7:00pm on July 4 featuring brands such as BMW, Mazda, Holden, Ford, Hyundai and more.
“We have seen these auctions grow with more and more cars each week across family vehicles, luxury, electric and also first car buyers,” Hames says.
Some of the models on offer are a 2008 Audi R8, 2021 Mitsubishi Triton, 2021 BMW and 2017 Ford GT Mustang.
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