Buyers are proving to be the big winners in Australia’s used vehicle market, as a record number of cars changed hands last month. Data compiled by AutoGrab and published by the Australian Automotive Dealer Association (AADA) shows 214,588 used vehicles were sold throughout July, an 11.6 per cent increase on the month before.
This represents the third month in a row that the monthly sales figure has reached a new high since the AADA’s Automotive Insights Report (AIR) debuted at the end of 2023. The sales jump came amid a significant 5.8 per cent reduction in used car listings, with private sellers accounting for 69.
1 per cent of those trying to offload their vehicles. There’s good news for sellers too, with the average number of days it takes for a car to be sold continuing to fall, reaching a new low of 43.6 – well down on the high of 52 days in November.
According to AADA CEO James Voortman, the sales uptick was influenced not only by lower prices but also better supply, as the new vehicle market also experienced an increase in deliveries. “With the commencement of the new financial year, buyers have flocked to the used car market taking advantage of better supply and lower prices as they make an effort to escape the rising cost-of-living pressures,” said Mr Voortman. All states and territories bar the Northern Territory experienced a sales increase, though being the smallest market, its 15.
6 per cent dip didn’t have a noticeable effect on the overall result. T.