THE Automotive Insights Report (AIR), supplied by the Australian Automotive Dealer Association (AADA) and AutoGrab, outlines a strong start for used car sales in 2024 with January numbers showing promise.

Across the month of January, a total of 181,612 used cars were sold, while 282,713 were listed for sale in Australia, with retained value remaining steady and average sale time improving at 47.7 days.

“Despite the continued tightening in cost of living pressures, customers have increased their purchases of used cars in January with an increase of 7.3 per cent in cars sold compared to December 2023,” AADA chief executive, James Voortman said.

James Voortman

“The market appears to have bounced back after the holiday period, and continued strong supply of new cars has had a flow on effect in the availability of used cars in the market.”

Of the 181,612 vehicles sold in January, 60 per cent were private sales and 40 per cent were through dealers, and a similar split can be seen in vehicles listed with 57.4 per cent private and 42.6 per cent dealer listings.

Passenger cars reigned supreme, accounting for 41 per cent of sales, closely followed by SUVs at 38 per cent, with LCVs (utes) trailing behind at 17 per cent. The smallest chunk of the market is LCVs (vans & buses), which made up just 2.7 per cent of sales in January. 

While new EV sales skyrocket across 2023, with a record 87,217 units registered in 2023, the used car market tells a different story with EVs accounting for just 0.6 per cent of sales in January.

“The market for used EVs and PHEVs sales decreased in January, and the market will likely remain volatile month-to-month, with a relatively low volume of vehicles being listed for sale,” Mr Voortman said.

Petrol vehicles accounted for 64 per cent of the used car market in January with 118,031 units sold, while diesel vehicles accounted for 30 per cent with 56,059 sold across the month.

“Petrol and diesel cars accounted for 96 per cent of used cars sold, with hybrid sales increasing by 2.7 per cent this month,” Mr Voortman said.

The top-selling vehicles for the month of January remained unchanged, with the Ford Ranger sitting at the top of the list with 4739 sold, just ahead of the Toyota HiLux at 3789 sales.