The November 2024 edition of the Automotive Insight Report (AIR) compiled by the Australian Automotive Dealers Association and AutoGrab indicates ongoing cooling demand for used cars in the Australian market.
Sales declined 2.3% to 197,652 compared to last month. Still, the Ford Ranger remained the country’s best-selling used vehicle, followed by the Toyota Hiace.
In contrast, used car listings continue to grow by 5.4% to 335,148 in November.
“This trend is likely to persist as more affordable new vehicles enter the market, prompting buyers to upgrade sooner and increasing the supply of used cars, affecting price sensitivity,” AADA chief executive James Voortman says.
“While the average days to sell have dropped to January levels, they remain higher compared to other months, except October.
“The Northern Territory stands out among the states, with a tight market reflected a 30.5% increase in sales and a 12.3% decline in listings.
“Sales have declined across all fuel categories, with EVs experiencing the largest drop (down 8.3%), followed by PHEVs (down 7.4%). This could be attributed to the growing supply of cheaper new BEV and PHEV vehicles entering the market, expanding used-car inventory and driving up holding costs,” he says.
Retained values continue to decline steadily, with almost every vehicle segment across every age category experiencing a drop in value for the month, except passenger vehicles in the 2-3-year-old category.
On the other hand, retained values of used EVs in the 5-year-old category have declined by 4.7% to 48.5% in November compared to October, reflecting the slowing demand for used EVs.
Toyota continues to lead the way in value retention for the passenger segment, with the Toyota Corolla at 94.6% in the 2-4 year-old category and the Toyota Yaris at 95.3% in the 5-7 year-old category.
In the SUV category, the Suzuki Jimny retains the top spot in the 2-4 year and 5-7 year-old categories, at 111.3% and 110.1%, respectively.
“While the average time to sell a used EV has dropped to 61.6 days (down from 67.3 last month), this is still much higher than the beginning of the year, where days to sell sat in the low to mid-50s,” Voortman says.
This can be linked to the rising supply of used EVs across all states. Still, the Northern Territory, where supply is significantly outpacing demand, presenting consumers with more options,” he says.
Highlights from the November AIR:
The Tesla Model 3 overtook the MG4 as the best-selling vehicle in EVs.
Compared to the previous month, November 2024 used vehicle sales declined 2.3% to 197,652 units.
The Northern Territory and Tasmania were the only states with sales that increased by 30.5% and 2%, respectively.
November 2024 saw 335,148 used cars listed for sale, an increase of 5.4% from the previous month.
All but ACT and Northern Territory experienced a decline in used EV sales.
The average time to sell a used car has dropped to 47 days.
Every vehicle segment across every age category experienced a drop in retained value for the month.
The Ford Ranger remains Australia’s best-selling used car, followed by the Toyota Hilux.
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