The Australian used car market has experienced significant growth in the second quarter of 2024, according to the latest Quarterly Automotive Report from vehicle marketplace Pickles.
The report highlights key trends, including a surge in electric vehicle (EV) sales and sustained high customer satisfaction, representing a strong post-COVID resurgence.
According to the report, the used car market saw a total outflow of 16,666 vehicles in Q2, up 34 percent year-on-year – the highest sales volume in four years.
Electric vehicle sales increased by 246 percent year-on-year, the report outlines, setting a new quarterly record and highlighting the shift towards sustainable automotive solutions.
Despite increased supply and diversity of vehicles, used car prices have remained resilient, approximately 20 percent higher than pre-COVID levels. Customer satisfaction also remains strong, with the Pickles’ Motor Vehicle customer Net Promoter Score (NPS) nearly doubling from 20.9 to 40.4 over the past 12 months.
“The strong performance of the used car market in Q2 2024 highlights the resilience and adaptability of Australian consumers,” said Pickles Chief Commercial Officer, Fraser Ronald.
“The surge in EV sales is particularly noteworthy, as it reflects the growing acceptance and demand for sustainable vehicles. Our data shows that EV buyers are well-informed and comfortable with online purchases, a trend that is likely to continue.”
The report also highlighted diverse EV Supply, with the variety of EV models available in the used car market continuing to expand. The Tesla Model 3, Hyundai IONIQ, and Nissan LEAF were among the top sellers.
On a more sombre note, Pickles says the supply of repossessed vehicles has increased due to ongoing cost-of-living pressures and high inflation rates, contributing to the overall growth in used car availability.
The Pickles report provides a comprehensive overview of current market conditions and future projections, offering valuable insights for consumers, dealers, and industry stakeholders. To view the full Quarterly Automotive Report click here.
