Used car sales skyrocket as prices come down

AutoExec Summary
In Australia, buyers are benefiting from a booming used vehicle market, with a record number of cars changing hands in July. Data from AutoGrab and the Australian Automotive Dealer Association shows a significant 11.6% increase in sales compared to the previous month. This trend has continued for the third consecutive month since the debut of the Automotive Insights Report (AIR) in 2023. Sellers are also experiencing shorter selling times, with the average number of days for a car to be sold reaching a new low of 43.6 days. Various vehicle types and fuel types are seeing increased sales, with traditional passenger vehicles being the top choice among buyers. The Ford Ranger remains the most popular used vehicle, followed closely by Toyota models. All states and territories, except the Northern Territory, saw an increase in sales.

Brands mentioned: AutoGrab, Ford, Toyota, Hyundai, Mitsubishi, Mazda, Holden.