In its ‘Retail and Used Vehicle Market Insights’ report for the first six months of the year, CAA found that top-selling Ford Ranger and Toyota HiLux utes had price falls above the market average when they hit the second-hand market.

“As you’d expect, there’s a strong correlation between the top-selling new vehicles and the top-selling used vehicles,” it said.

“The two most sold vehicles in our database this year are the Ford Ranger and Toyota HiLux – also the biggest selling new vehicles for several years running. 

“The new-generation Ranger arriving in 2022 very likely amplified the turnover rate for the older model, hence its position at the top. 

“Positions 3 and 4 in the most-sold used vehicles list over the first half of 2023 were the Toyota Corolla and Hyundai i30 small hatch and sedan. 

“The Mitsubishi Triton, a long-time number-three in pickup sales before being overtaken in 2023 by the Isuzu D-Max, is the fifth-most sold used vehicle YTD.”

Average used-car prices are 43 per cent higher than the pre-COVID period but are now trending downwards. 

CAA reports that SUVs aged less than two years are down 7.6 per cent in June (compared with June 2022). Utes, however, are down 8.9 per cent (under two years) and 7.9 per cent (aged 2-4 years).

“This shows younger used vehicles were more adversely affected,” the report said.

“This is despite ongoing strong demand with the Ford Ranger and Toyota HiLux being the two most-sold used vehicles – ahead of the Toyota Corolla, Hyundai i30 and Mitsubishi Triton – albeit over longer average days-to-sell periods.”

CAA said that the Ranger and HiLux were also the two most-sold used vehicles across the three age brackets of ‘under 2 years’; ‘2-4 years’ and ‘5-7 years’.

“Given their scale and diverse private and fleet audience, there’s marked variability in their rate of turnover by age, but as the data shows the highest proportion was aged 5-7 for both,” the report said.

It said that passenger cars – sedans, hatchbacks and wagons – fared slightly better, down 5.5 per cent year-on-year (for vehicles aged two years and under) and 6.2 per cent down for those aged two to four years.

The fall in ute values, while down compared with passenger cars and SUVs, is not as dramatic as the 21.5 per cent fall in EV prices (two years and younger) and 25.6 per cent (two to four years).

Stephen Lester

But despite softening prices, CAA said that Market Days Supply for passenger, SUV and LCV Pickups fell across the board in June (compared with June 2022) for vehicles aged under two years, by between 2.7 per cent and 18.1 per cent.

“This latter figure was for pickups aged under two years as owners held onto their vehicles,” the CAA report said.

In the ute market, CAA found that despite not having a new-car presence, Holden stands out in the older stock listings.

“The brand no longer sells new vehicles but there’s a huge car parc out there, as demonstrated by the Colorado’s showing in the 5-7 years age bracket,” it said.

CAA CEO Stephen Lester said that through CAA’s multiple brands such as Manheim, Kelley Blue Book, DealerCell and Xtime, the company was “well-placed to offer insightful market intelligence across the wholesale and new vehicle markets.”

“This regular report gives an outline of the dealer used market in terms of popular makes and models, as well as across vehicle types and powertrains – notably including the emerging but still-nascent electric vehicle market. 

“We will quantify the trend of used car prices coming down this year – echoing what we’ve seen in the US – as measured on our Cox Automotive Used Vehicle Price Index and provide insights into dealer inventory as reflected by Market Days Supply. 

“In future issues, we will also look at the wholesale market by tapping into insights from our Manheim operations, which recently recommenced in-person pre-owned vehicle auctions in several states after a period of online-only transactions during COVID.”

By Neil Dowling