Sales and prices of used cars fell dramatically in December 2023, but certain vehicles managed to hold on to their value better than others.
Australian used-car sales and prices are dropping dramatically, with experts telling buyers they can afford to “be choosy” when shopping for a second-hand vehicle in 2024.
While 276,268 vehicles were available for sale in December 2023, only 169,312 of those were sold, marking a notable decrease on the month prior.
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Compared to the November total of 206,417 used-car sales, December represented a 17 per cent decline, according to new data published by the Australian Automotive Dealers Association (AADA) – the body representing new-car dealers in Australia – and research company AutoGrab.
Prices are also declining, with November 2023 data from Moody’s Analytics showing a cumulative decline of seven percentage points since May.
“For people looking to buy a used car, you’ll likely find your dollar going further and potentially be able to buy a newer model than you expect. The continued drop in used car prices is likely to extend into 2024,” AutoGrab’s Chief Commercial Officer Saxon Odgers said.
Some types of cars are suffering more than others, with passenger cars recording more sales and a better retained value than their SUV counterparts, while light commercial vehicles like dual-cab utes saw a drop in both prices and sales.
“While demand remains strong for utes, the price of used LCVs is easing. With great supply, there is room for buyers to be choosy when it comes to choosing a second-hand ute,” Mr Odgers said.
Every single model in the top 10 best-selling used cars underwent a drop in overall sales, with the sharpest decline seen in sales of the Hyundai i30, which dropped by 17.5 per cent month-on-month, and the Mazda 3, which saw a 17 per cent dip in sales compared to November 2023.
In good news for used-car buyers, value retention is finally dropping after years of record highs – and prices will continue to fall in 2024.
“The retained value of cars continues to reduce, indicating an improving supply situation which should bode well for consumers,” he said.
However, it’s not all bad news for sellers, with certain used models worth more on average today than they were when purchased new.
Provided they are between two and four years old, models like the Suzuki Jimny, Toyota Yaris Cross, Toyota LandCruiser, Toyota RAV4, Nissan Patrol and Honda Jazz all showed value retention of more than 100 per cent.
The Jimny in particular showed average value retention of a whopping 135 per cent, likely due to wait times for new models of the popular off-roader extending beyond 12 months for most of 2023.
Suzuki only recently reopened order books for the current-generation Jimny in December 2023, but warned buyers wait times for new Jimnys were still six months at a minimum.
If you’re wondering whether now is a good time to sell your car, here are the models that showed the strongest value retention in December 2023.
Top 10 models with best average value retention (2–4 years old)
- Suzuki Jimny – 135.2%
- Toyota Yaris Cross – 108.5%
- Toyota Yaris – 107.7%
- Toyota LandCruiser – 104.3%
- Honda Jazz – 103.7%
- Toyota RAV4 – 102.2%
- Nissan Patrol – 101.1%
- Toyota Camry – 97.6%
- Toyota Corolla – 96.8% = Toyota C-HR – 96.8%
- Ford Mustang – 96%
Top 10 models with best average value retention (5–7 years old)
- Mitsubishi Mirage – 109.1%
- Toyota Yaris – 96.3%
- Suzuki Ignis – 93.3%
- Toyota LandCruiser – 92.1%
- Jeep Wrangler – 89.4%
- Honda Jazz – 88.2%
- Toyota 86 – 87.9%
- Kia Picanto – 87.5%
- Honda City – 86.1%
- Mazda 2 – 85.6%
The post Used-car prices are falling, but these models defy the trend appeared first on Drive.
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