Nearly two thirds of vehicles sold in Australia last year were used, not new – and prices are falling as stock of new cars improves. There are plenty of familiar names among the top sellers.
More than 2 million used cars were sold in Australia in 2023 – compared to 1.2 million new cars – as prices continue to fall amid improving stock of new vehicles.
Last year 2,013,465 used vehicles were listed for sale – and 2,074,535 were reported as sold – according to data collated by the Australian Automotive Dealers Association (AADA), the peak body for new-car dealers in Australia, in conjunction with research company AutoGrab.
Sales of used cars increased by 34.4 per cent over the course of the year – hitting a peak in November – attributed to declining prices, amid improved stock of new cars and a record year for new vehicle sales.
The data – excludes vehicles more than 15 years old, write-offs, and heavy vehicles such as trucks – shows used-car prices declined by 1 to 1.5 per cent each month, accompanied by an increase in the time it took for used cars to sell.
The Ford Ranger and Toyota HiLux utes were the top-selling used vehicles – matching their positions on the new-car sales charts – separated by just 86 vehicles, at 65,938 and 65,852 sales respectively.
Mirroring the new-car sales race, Toyota was the top-selling used-car brand, accounting for 16.6 per cent of sales – ahead of Mazda (8.2 per cent) and Ford (8 per cent).
About 60 per cent of vehicles were sold privately, compared to 39 per cent through dealers – but whereas most used cars sold through dealers were less than seven years old, the data shows the majority of privately-sold used cars were more than five years old.
On average – across all vehicle types, ages and seller types – prices of used cars less than 10 years old declined by 11.6 percentage points over the course of 2023, to 67 per cent of their new value by the end of December.
It was accompanied by an increase in the average time to sell – from 40.5 to 50.9 days – as improving stock of new cars provides less incentive for buyers to turn to the used-car market.
Utes declined in value slower than the average – between 9.5 and 11.3 per cent over the year, depending on vehicle age – while prices of SUVs fell by up to 14 per cent.
Among vehicles between two and four years old, resale values were ahead of the national 85.9 per cent average in the Northern Territory (93.4 per cent), Tasmania (86.6 per cent) and Western Australia (87.1 per cent) – compared to a low of 83 per cent in Victoria.
Used cars between five and seven years old held 68.8 per cent of their new value – on average – while those between eight and 10 years old retained 48.9 per cent of their new value.
More than 96 per cent of used vehicles were sold were petrol or diesel powered, compared to 2.7 per cent hybrid, 0.1 per cent plug-in hybrid, and 0.7 per cent electric.
Retained values of used electric cars less than two years old fell by 15.6 percentage points over the course of 2023 – to 82.8 per cent of their new price – and the time taken to sell jumped from 50 to 75 days.
The decline was even larger for electric cars between two and four years old, which declined in value by 23.4 percentage points from a March peak of 75.2 per cent – excluding an anomaly result in January – to 57.6 per cent in December.
The AADA attributes the decline in values to more new models on the market at lower prices than ever – and Fringe Benefits Tax (FBT) exemptions encouraging electric-car owners to sell their vehicles for new examples which fall under the threshold.
Tesla accounted for 36.4 per cent of used electric vehicles sold, ahead of MG (14.6 per cent) and Nissan (8.2 per cent).
Used-car sales 2023: Market overview
The data reports 2,013,659 vehicles listed for sale in 2023, and 2,074,535 vehicles sold – 61.1 per cent of which changed hands privately, compared to 38.9 per cent through dealers.
Used-car sales 2023: Top-selling makes and models
| Position | Make | 2023 sales | Market share |
| 1 | Toyota | 344,653 | 16.6 per cent |
| 2 | Mazda | 170,165 | 8.2 per cent |
| 3 | Ford | 165,381 | 8 per cent |
| 4 | Hyundai | 155,741 | 7.5 per cent |
| 5 | Holden | 150,246 | 7.2 per cent |
| 6 | Mitsubishi | 118,882 | 5.7 per cent |
| 7 | Nissan | 118,492 | 5.7 per cent |
| 8 | Volkswagen | 108,485 | 5.2 per cent |
| 9 | Kia | 74,527 | 3.6 per cent |
| 10 | Subaru | 68,267 | 3.3 per cent |
| Position | Model | 2023 sales | Market share |
| 1 | Ford Ranger | 65,938 | 3.2 per cent |
| 2 | Toyota HiLux | 65,852 | 3.2 per cent |
| 3 | Toyota Corolla | 52,113 | 2.5 per cent |
| 4 | Mazda 3 | 47,294 | 2.3 per cent |
| 5 | Hyundai i30 | 43,551 | 2.1 per cent |
| 6 | Holden Commodore | 41,694 | 2 per cent |
| 7 | Toyota Camry | 39,897 | 1.9 per cent |
| 8 | Nissan Navara | 37,228 | 1.8 per cent |
| 9 | Mitsubishi Triton | 36,812 | 1.8 per cent |
| 10 | Toyota LandCruiser | 32,655 | 1.6 per cent |
Used-car sales 2023: Retained values
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