New car stock arrivals from overseas have been restricted again through Q4 and as a result stock levels within dealerships remain low, lead times on most dealerships are at least 3 months with some dealerships projecting an 8–12-month lead time. The auction market remains very strong across the country with dealers keen for secondhand stock and competing hard with end users to purchase secondhand vehicles. SUV’s, Light Commercials and Dual Cab utes remain the most sought-after vehicles at auction.
In Queensland we recently sold at auction a 2020 Toyota Landcruiser GXL Dual Cab Utility showing only 24 kms for $87,150, new price “on the road” is around $81,500. We also sold a 2018 Mitsubishi Triton GLS Dual Cab Ute showing 45,655 kms for $34,200. This vehicle was purchased new in 2019 for $38,000. Over a period of 18 months and 45,655 kms, the vehicle was sold at auction for only 10% under the original purchase price.
V8 Holden Commodores remain popular, with a 2016 Holden Commodore SS-V Redline showing 153,905 kms recently selling for $37,000, which represents around 95% of retail.
Victoria continued to see a strong interest in used car sales through auction from buyers across Australia, retail results have been achieved on several vehicles, a 2020 Land Rover Range Rover Sport SDV6 sold at auction for $114,300, 100% of retail the price, similarly a 2019 Land Rover Range Rover Sport SDV6 HSE sold for $128,500, 100% of the retail price.