Although used-car sales declined in October, plug-in hybrids and electric vehicles (EVs) were the most popular choice for buyers by growth rate.
According to the latest Automotive Insight Report (AIR) from the Australian Automotive Dealer Association (AADA), 2349 used electric vehicles were sold in Australia in October, up 22 per cent on September.
Plug-in hybrids were the most popular powertrain choice with second-hand buyers in percentage terms, with a rise of 27 per cent in sales.
However, there are concerns that aggressive price discounting on new electric vehicles is creating a knock-on effect for the used-car market, with sellers finding it difficult to move stock.
“The average number of days to sell a used EV has climbed to 67.3, which is no surprise given the significant oversupply of used EVs,” AADA CEO, James Voortman says.
Most popular used vehicles
Last month the best-selling used EV was the MG 4, up 85 per cent on the previous month. It proved twice as popular as its next-best competitor, the Tesla Model 3.
The next most popular was the Nissan Leaf, followed by the Tesla Model Y and Kia EV6.
According to the AADA, retained values are below average compared to previous years, with the most recent data from October 2023 showing sellers achieving rough average of 76 per cent of new values, based on a weighted average calculation method.
There were 126,622 petrol vehicles sold (down 4.5 per cent) compared to 191,204 listed (up 0.8 per cent). Diesel sales were 63,866, shifted (down 2 per cent) versus 105,620 up for sale (down 0.3 per cent).
Of those, the best-selling models were the Ford Ranger, Toyota HiLux utes, Toyota Corolla and Toyota RAV4.
Overall numbers
Overall used-car sales in Australia dropped by 3 per cent to 202,355, while the number of listings grew by 1 per cent to 317,861. The average days to sell increased from 46.4 days to 49 days, showing it’s still a buyer’s market as supply continues to outstrip demand.
“As is to be expected in an oversupplied market, retained values remain on a downward trajectory with every vehicle segment across every age category experiencing a drop in value for the month,” Voortman says.
“Retained values of used EVs in the one- to three-year-old category have declined, while the older models appear to hold their value better.”
