In February, the Australian used car market experienced a decline in sales volume despite witnessing an increase in the number of vehicles listed for sale.
According to data released by the Australian Automotive Dealer Association (AADA) and compiled by data firm AutoGrab, a total of 179,448 used vehicles under 10 years old were sold last month.
This figure represents a decrease of more than 2000 vehicles, equivalent to a 1.2% drop compared to January 2024. Surprisingly, this decline occurred alongside a 1.3% increase in the number of used car listings, which reached 286,329 in February. Among these listings, 57.6% were offered for sale privately, while the remaining 42.4% were available on dealer lots.
James Voortman, CEO of AADA, noted that despite the drop in sales volume, the used car market continues to present opportunities for interested consumers.
He attributed this trend partly to the strong start in new car deliveries observed in 2024, which has translated into a slight uptick in the number of vehicles listed for sale.
Interestingly, the average time it takes for a used car to sell has decreased to 44 days, marking a significant reduction from 52 days in November 2023. This represents the shortest selling period since March 2023, when the average was recorded at 40.5 days.
In terms of popular models, the Ford Ranger and Toyota HiLux remain dominant in the used vehicle sales charts, mirroring their performance in the new vehicle market. Despite experiencing a slight decline in average retained value, the Suzuki Jimny continues to hold its position as the slowest-depreciating used vehicle in Australia.
With a retained value of 128.9%, it surpasses other models such as the Toyota LandCruiser, Toyota 86, Honda Jazz, and Toyota Yaris in terms of value retention.
