Used car sales in Australia continue to rise amid a jump in listings, but electric vehicles (EVs) and plug-in hybrids (PHEVs) have experienced a dip in demand.
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Data compiled by AutoGrab and published by the Australian Automotive Dealer Association (AADA) shows 192,266 used cars were sold in June, besting the record set in May which was the highest figure since the Automotive Insights Report (AIR) debuted at the end of 2023.
Sales grew by 0.3 per cent over May – driven by the 62.7 per cent of transactions occurring privately – and the number of used vehicle listings has jumped above 300,000 for the first time, increasing by 2.1 per cent to 302,848.
The time to sell a used car has also dropped to a new low of 43.8 days, well down from the November 2023 peak of 52 days and a reduction on the May 2024 figure of 45.5 days.
"Buyers are benefitting from the fact that there are a greater variety of used vehicles available for sale at lower prices," said AADA CEO James Voortman.
"Nevertheless, we have not seen a surge in sales relative to listings which may be a result of softer economic conditions as evidenced by the drop in new car sales in June.
"Light commercial vehicles, such as utes and vans have greater levels of oversupply than passenger vehicles and SUVs. Utes were the only segment which experienced a decline in sales in June, although they still made up three (Ranger, Hilux and Triton) of the four top selling used vehicles.
"The declining trend in retained values continues with every vehicle segment across every age category experiencing a reduction in value for the month."
Driving the sales growth were petrol vehicles and traditional hybrids, experiencing increases of 1.5 per cent and 4.2 per cent, respectively, compared to the month before.
LPG-powered vehicles rebounded by 12.7 per cent, though the niche technology accounted for just 230 sales last month.
However, diesel vehicle sales fell by 2.2 per cent, while plug-in cars such as EVs and PHEVs also experienced drops of 3.8 per cent and 12.5 per cent, respectively.
Passenger vehicles – sedans, hatchbacks and wagons – continue to fight off increasing SUV sales, with both vehicle types besting utes which fell slightly in June.
That doesn't mean that the Ford Ranger and Toyota HiLux have been toppled though, remaining as the two best-selling used vehicles which are less than 10 years old, with the Mitsubishi Triton also managing a top 10 placing.
The Toyota Corolla remains the most popular used passenger car, with the Hyundai i30 sneaking past the Toyota Camry. The Mazda 3, Toyota RAV4, Volkswagen Golf and Mazda CX-5 rounded out the standings.
Best-selling used cars
Used car sales by state and territory
Sales by vehicle type
Sales by fuel type
Average retained value
MORE: Used vehicle sales surge in Australia, driving down prices for buyersMORE: Used car sales April 2024: Hybrids and EVs defy slow marketMORE: Used car sales March 2024 – Market up, EVs see big gainsMORE: Used car sales drop, but they're selling more quicklyMORE: Used car sales rise in strong start to 2024MORE: Australia's best-selling used cars in December 2023MORE: Australia's used car sales results for 2023 revealed
Content originally sourced from: CarExpert.com.au
