The time taken for a used car to be sold in Australia continues to fall from the highs experienced just three months ago, but overall sales dropped in February despite more listings appearing.
February 2024 sales data released by the Australian Automotive Dealer Association (AADA), compiled by data firm AutoGrab, shows there were 179,448 used vehicles under 10 years old sold last month, a drop of more than 2000 (or 1.2 per cent) compared to January 2024.
This is despite used car listings rising by 1.3 per cent to 286,329, with 57.6 per cent put up for sale privately and the remaining 42.4 per cent sitting on dealer lots.
“Overall, the used car market seems to be presenting opportunities for consumers interested in buying a used car,” AADA CEO James Voortman said.
“A strong start to 2024 new car deliveries is flowing down into the used car market, with a slight rise of 1.3 per cent in the number of vehicles listed for sale in the month.”
On average, it’s taking 44 days for a used car to sell – significantly down on 52 days in November 2023, and the lowest point since the 40.5 days recorded in March 2023.
The used vehicle sales charts continue to be dominated by the Ford Ranger and Toyota HiLux, reflecting the new vehicle market.
While its average retained value has dropped slightly, the Suzuki Jimny remains the slowest-depreciating used vehicle in Australia, with a retained value of 128.9 per cent – ahead of the Toyota LandCruiser, Toyota 86, Honda Jazz and Toyota Yaris.
Best-selling used cars – February 2024
While the top five order is unchanged, the Mitsubishi Triton surpassed the Toyota RAV4 as the sixth best-selling used vehicle last month.
Further down the order, the Volkswagen Golf slipped out of the top 10 rankings, replaced by the Toyota LandCruiser.
| Model | Sales (February 2024) | Change from January | Average days to sell |
|---|---|---|---|
| Ford Ranger | 4933 | +4.1% | 44.1 |
| Toyota HiLux | 3922 | +3.5% | 44.1 |
| Toyota Corolla | 3459 | +2.4% | 30.4 |
| Hyundai i30 | 2463 | -4.1% | 31.0 |
| Toyota Camry | 2304 | +1.6% | 35.0 |
| Mitsubishi Triton | 2290 | +2.7% | 43.3 |
| Toyota RAV4 | 2168 | -3.1% | 35.4 |
| Mazda 3 | 2146 | -2.4% | 32.1 |
| Mazda CX-5 | 2070 | -1.1% | 41.7 |
| Toyota LandCruiser | 1937 | +5.8% | 50.9 |
Used car sales by state – February 2024
As can be expected, the most populous state had the highest number of used vehicles sold, with about 8500 more cars finding new homes in New South Wales compared to Victoria.
Victoria was the only region where sales increased (albeit by just 0.4 per cent) while Tasmania’s used vehicle market experienced a 9.3 per cent drop.
| State/territory | Vehicles listed | Vehicles sold |
|---|---|---|
| NSW | 84,248 | 52,038 |
| VIC | 78,956 | 43,532 |
| QLD | 61,735 | 39,122 |
| WA | 30,594 | 24,082 |
| SA | 18,304 | 11,702 |
| TAS | 5281 | 4127 |
| ACT | 4941 | 3366 |
| NT | 2270 | 1479 |
Sales by vehicle type – February 2024
| Listed for sale | Total sales | |
|---|---|---|
| Passenger cars | 101,299 | 73,423 |
| SUVs | 118,850 | 69,503 |
| Utes | 56,662 | 31,396 |
| Vans and buses | 9518 | 5126 |
Sales by fuel type – February 2024
The largest rise in vehicle sales by fuel type last month came from electric vehicles (EVs), with the 1232 examples sold in February representing a 7.1 per cent increase.
By contrast, there were 115,468 petrol vehicles sold (down 2.2 per cent), 56,114 diesels (up 0.1 per cent), and 6280 hybrids (up 4.6 per cent).
LPG-powered vehicles continued to outsell plug-in hybrids on the used market, recording 219 and 135 sales respectively.
| Listed | Sold | |
|---|---|---|
| Petrol | 167,896 | 115,468 |
| Diesel | 103,123 | 56,114 |
| Hybrid | 10,187 | 6280 |
| Electric | 4451 | 1232 |
| LPG | 401 | 219 |
| Plug-in hybrid (PHEV) | 271 | 135 |
MORE: Used car sales rise in strong start to 2024
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