AutoSettle is being developed to make the process of buying and selling a used car more streamlined and secure. According to the latest Australian Automotive Insights Report (AIR) for July 2024, there were 285, 133 cars for sale. 70% were being sold privately and 30% were through dealers. Sales in the month of July were up 11% on the previous month with 214,588 vehicles sold.
On average, it takes 43.6 days to sell a used vehicle in Australia. This can go up to 52 days in November and varies by the make and model of the car. A Suzuki Ignisa on average takes jsut 19.9 days to move for the 5-7 year old version, a Toyota Corolla takes 29.2 days to sell on average while its 71.3 days for a similarly aged Prius C.
Australians love their pick-up trucks. 5,711 Ford Rangers were sold in July, the top selling make and model, followed by the Toyota Hilux at 4,441 units. The Mitsubishi Triton also makes the Top 10 list.
Petrol cars make up most of the used car sales, 138,371 were sold in July versus just 1,786 EVs. There were 65,593 diesel cars sold in the same period.
Want to buy a car that retains it’s value? According to the report, the passenger car that has the highest retained value is the Toyota Corolla at 97.6% (2 to 4 years old). In at number two is the Kia Picanto (96.5%), and at number 3, the Ford Mustang (95.4%). On the SUV ladder, you can make money! The Suzuki Jimny has a retained value of %115 and the Land Rover Defender 106.7%.
The AutoSettle Solution has been designed to help both private sellers through marketplaces and automotive dealers who trade used vehicles the tools to make the process faster and more secure.
Released by the Australian Automotive Dealer Association (AADA) and AutoGrab, offers a comprehensive analysis of the ever-evolving Australian used car market. The report delves into key trends and patterns, drawing on data from both dealer and private listings to provide a clear picture of the current landscape. You can download the full report here.