Market Update: Is Now the Perfect Time to Sell?

The Australian used car market continues to evolve, with recent data revealing a shifting landscape for both buyers and sellers. Here’s the latest update on what’s happening in the market right now:

Sales Decline Across Most States

Throughout the last quarter we've seen a decline of around 3.2% in total used car sales. Victoria was the only state to buck the trend, recording a modest growth of 0.2%. Meanwhile, online used car listings grew by 1% to 317,861, further contributing to the growing supply. With demand lagging behind supply, the market is leaning further into a buyer’s market.

Longer Selling Times Signal Growing Competition

In October the average time to sell a used car increased to 49 days, up from 46.4 days in September, marking the highest average since December last year. Sellers are facing increased competition as more listings flood the market. This highlights the importance of speed and efficiency for those looking to secure a sale.

Despite difficult market conditions, we've continued to achieve instant sales for all makes and models, though the demand remains higher for low kilometre cars in good condition and particular vehicles, such as diesel 4x4s. We’re even finding buyers for luxury models, where dealers wouldn’t offer a trade in value!

Top-Selling Models in Australia

In the general used car market, the Ford Ranger retained its spot as Australia’s best-selling used car, followed by the ever-reliable Toyota Hilux. Other strong performers include the Toyota Corolla, Toyota RAV4 and Mitsubishi Trition.

These models continue to dominate due to their reliability and widespread appeal. However, even the most popular models are taking longer to sell as competition intensifies.

The Shift Toward Greener Vehicles

While petrol and diesel vehicles still dominate, accounting for over 95% of sales, consumer interest in greener alternatives continues to grow.

• Plug-in hybrid vehicles (PHEVs) saw a significant sales jump of 27.1%.
• Electric vehicles (EVs) followed closely, with a sales increase of 22.3%.

The expanding range of options and improved affordability are driving this shift. However, the average time to sell a used EV has also risen, reaching 67.3 days, compared to 55 days in August.

The MG MG4 EV emerged as the best-selling used EV in October, recording an 85% growth in sales and doubling the units sold compared to its nearest competitor, the Tesla Model 3.

Retained Values Are Declining

October saw a continued drop in retained values across every vehicle segment and age category.

• Small passenger vehicles retained the strongest values, with the Kia Picanto leading in the 2-4 year category at 95.6%.
• The Toyota Yaris remained the top performer in the 5-7 year category, retaining 95.4% of its value.
• In SUVs, the Suzuki Jimny maintained its lead in both the 2-4 year and 5-7 year categories, with retention rates of 113.4% and 114.0%, respectively.

While greener vehicles show promise, older EV models are holding their value better than newer ones, making them an interesting option for both buyers and sellers.

What Does This Mean for Sellers?

With sales slowing and competition increasing, sellers need to act decisively. While the market favors buyers, there are still opportunities for those who can move quickly and efficiently. At Car Buyers Online, we make the selling process simple:

• Receive an instant offer, bypassing the delays of private sales.
• Avoid the challenges of advertising, negotiating, and managing listings.
• Secure a competitive price, backed by market data and a vast network of buyers.

Whether you’re selling a petrol vehicle, a top-selling SUV, or a rising EV model, we ensure your car stands out in a crowded market. Contact us today and discover how we can help you sell your car quickly and confidently.

Data sourced from the AADA: Australian Automotove Dealer Association.