The used car market is core to the AutoSettle promise of making buying and selling a car more secure and seamless and eliminating fraud and scams. Of the 197, 652 sales in Australia in November, 55.4% were private – where transactions are most open to fraud.
Used car sales figures for Electric vehicles are quite different to the total market. Of the 2154 available for sale, 28.2% are being sold privately and 71.8% are being sold through dealers – this highlights the complexity of buying a used EV and reflects a higher level of trust in dealers to validate the condition of the car. The top selling EV in November was the Tesla 3, with 275 units sold. The MG MG4 came in 2nd, but was down 56.6% month on month. The Hyundi Kona came in 3rd, up 27.6% month on month.
Market Performance Highlights
- The used car market declined nationally by 2.3% compared to the previous month, but month on month growth was up in Tasmania and the NT.
- 335,148 cars were available to be sold
- 43% of used car sales were through dealers.
- Australia’s close relationship with the Ford Ranger and the Toyota Hilux shows in the figures. 5431 Ford Rangers were sold. The average selling time for a Ranger is 50 days. 4131 Toyota Hilux were sold, the average selling time for a Hilux is 39.5 days.
- The average sell time for a Mazda 3 is 35 days.
The full report can be downloaded from the AADA here.
How We’re Making a Difference
At AutoSettle, we’re redefining the car buying and selling experience by prioritising security and simplicity:
- Secure Payment Services: Protecting both buyers and sellers, our platform verifies the buyer and seller using Digital ID and connections with all major banks in Australia.
- Vehicle Authentication: AutoSettle performs all the checks required to build trust and reduce fraud – we check the vehicle is the one advertised, that it’s not stolen or money is not owed on it and that the seller has the right to sell the vehicle.
- Streamlined Documentation: Customers save hours of standing in lines and filling out forms by using our digital tools to handle paperwork.
Buying and Selling a Car is About to Change for the Better
As the used car market continues to evolve, AutoSettle remains committed to empowering buyers and sellers with the tools they need for a safe, efficient, and enjoyable experience.