Navigating the Shifting Tides of the Australian Used Car Market
In a dynamic automotive landscape, the Australian used car market is witnessing remarkable shifts, with the Suzuki Jimny emerging as a standout player in terms of residual values. According to AutoGrab, a leading automotive market pricing and intelligence platform, the Suzuki Jimny has secured the top spot in the list of vehicles with the strongest residual values, shedding light on a unique trend in the market.
Rising New Car Prices and Appreciating Values: A Market Overview
AutoGrab's analysis of automotive trends in 2023 reveals that new car prices have surged by almost 20% in the past year. This surge is not uniform across all vehicles, as some popular models are experiencing an appreciation in value within the second-hand market. The platform highlights that several factors contribute to this phenomenon, including new vehicle shortages over the past couple of years.
The average new passenger car, according to AutoGrab, has experienced a substantial increase of $5,251, rising from $30,481 in 2022 to $35,732 in 2023. Similarly, new SUVs have seen a $2,000 increase in drive-away price, going from $42,212 in 2022 to $44,210 in 2023. Light commercial vehicles have witnessed an even more significant jump, with prices increasing by $5,600, reaching an average of $63,748 in 2023.
AutoGrab's Chief Commercial Officer, Saxon Odgers, emphasizes the importance of thorough research for new car buyers in the current market. With supply increasing again, he advises consumers to shop around for the best deal, considering the major impact a car purchase has on their financial assets.
Fast-Selling Used Cars and Resale Opportunities
AutoGrab's data also sheds light on the fastest-selling used cars, with the Hyundai Getz leading the pack, taking an average of just 15 days to sell. Other notable mentions include the Nissan Tiida (18 days) and the Suzuki Alto (19.1 days). Despite a general increase in the time it takes to sell used cars (averaging 10 days longer compared to 2022), certain models like the Hyundai Getz showcase a robust demand in the second-hand market.
For consumers grappling with the rising costs of new cars and the overall cost of living, the appreciation of specific used models, such as the Suzuki Jimny and Toyota Yaris Cross, provides a silver lining. Saxon Odgers notes that these trends indicate a unique pattern in the market, where select used models are gaining value over time, presenting intriguing opportunities for both sellers and buyers.
AutoGrab's advanced technology, driven by AI and machine learning, captures real-time, market-wide data on all vehicles listed online. The platform not only provides accurate pricing and valuations but also offers predictions of future values and insights into how prices might change over time. In a fast-moving market, AutoGrab aims to empower both dealerships and consumers, enabling them to make well-informed decisions in this ever-evolving automotive landscape.