AutoExec Summary
The number of repossessed vehicles sold at auction has increased by 13 per cent in the first six months of 2024 in Australia due to rising cost of living pressures. Data from auction site Pickles shows a 13 per cent rise in repossessed vehicles in the last six months and an 11 per cent increase overall in the second quarter of 2024. Australians are struggling financially, with some falling behind on car repayments as shown by Westpac’s latest financial results. Economist Peter Esho noted that people prioritize their mortgage over car loans, leading to delays or missed payments. Buyers are opting for smaller used cars like passenger vehicles and hatchbacks due to affordability compared to SUVs dominating the market.
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