More buying used cars

A new report shows more than 2 million used cars were sold in Australia last year. According to the first annual Automotive Insights Report (AIR) – Year That Was for 2023, released by the Australian Automotive Dealer Association (AADA) and AutoGrab, for every new car sold 1.7 used cars were sold, confirming that most Australians are choosing to buy used cars.

Both a growing population and cost of living pressures are factors driving the demand for used cars which saw sales surge more than 34 percent and brought lower prices to the market due to a surge of new vehicle supply, a trend that is expected to continue this year.

According to AutoGrab chief commercial officer Saxon Odgers, it’s a win for consumers as used cars have become more accessible.

Toyota was the top selling used car brand for the year and Ford Ranger was Australia’s top selling used car for the year.

In contrast to the new car market, passenger vehicles held the lion’s share of used car sales, at almost 44 per cent, ahead of SUVs with almost 37 per cent and LCV utes at juts over 17 per cent.

AADA CEO James Voortman said that across all age groups, utes and light commercial vehicles held their values above the average; passenger vehicles across all age groups tracked close to the average; and SUVs were the worst performing vehicle segments in terms of retained value, sitting well below average for all age groups.

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