The Australian Automotive Dealer Association (AADA), in partnership with AutoGrab, has released the 2024 Year That Was Automotive Insights Report (AIR), providing an in-depth analysis of the nation’s used car market.
While the used vehicle market experienced strong growth for most of 2024, momentum slowed in the final months, signalling a more measured outlook for 2025.
According to the report, total used car sales in 2024 reached 2,324,805 units, a 12.1% increase compared to 2023.
Sales peaked in July, with sustained demand throughout much of the year before easing towards the end. On the other hand, listings peaked in November, highlighting a softening in consumer demand relative to supply.
“AADA is pleased to publish the second annual release of the Year That Was AIR. The 2024 results highlight a dynamic used car market that showed strong growth throughout the year before slowing in the final quarter,” AADA chief executive James Voortman says.
“While demand remains healthy, we are seeing signs of cooling, particularly in the latter months, as affordability pressures and economic factors come into play.”
Toyota remained the top-selling brand, with 390,298 used vehicles sold, followed by Mazda and Ford. Among individual models, the Ford Ranger led with 82,448 sales, ahead of the Toyota Hilux and Toyota Corolla.
“Profit margins tightened, and days to sell increased by 15% for listings between August and October, further indicating a slowdown in demand. As we head further into 2025, we anticipate a more subdued market, with sales likely to stabilise rather than grow at the rapid pace we saw earlier in 2024,” Voortman says.
“This is good news for those in the market for a used car, with opportunities for a good deal,” Voortman says.
The full report can be viewed here.
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