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Hybrids & low kms: Carma’s 2024 used car market forecast
Can you find good value with a used car in 2024? All signs are pointing to YES in Australia, with more choice, lower mileage and some neat opportunities for hybrids and EVs. We’ve sat down with Carma’s Director of Buying, Pete Willis, to see what to expect.
Here’s the Carma used car market forecast for 2024.
First up, used car prices are changing for the better
You might remember that when the pandemic affected the new car supply in Australia, the used car market went gangbusters and prices soared. Luckily in 2024, supply is looking better across the board.
As someone who deals daily with vehicle pricing, Pete says, “New car supply chains are freeing up which is starting to take the pinch away from the used car market, resulting in lower prices. We’re seeing a more consistent reduction in prices compared to 12 months ago, when prices were artificially buoyed due to a lack of supply.”
More stock = better prices
With new and used car stock replenished for many makes and models, this is set to keep prices competitive for used car sales in Sydney and beyond. Pete’s car price outlook for 2024 is that, “A genuine movement of the market is now occurring, which will lead to price reductions and depreciation of cars over time.” That’s a positive sign for anyone looking to purchase a second-hand vehicle this year.
Price changes could depend on what you’re buying
It’s worth noting the forecast for used car prices varies for different market segments. Pete notes that there’s typically been more depreciation in cars over $80,000, with up to 30-40% price reductions in some cases.
Mid-range cars in the $20,000 to $80,000 range are seeing less of a drop in price, as these family-friendly options are always popular. Which brings us to…
Value is key as interest rate hikes put the squeeze on
There’s no doubt that many Aussies are seeking cheaper cars and lower running costs as the cost of living has bumped up. The most popular car brands purchased on Carma in 2023 were Toyota, Hyundai and Kia, showing that people are hungry for good value.
Pete predicts this trend will continue in 2024, even if we see interest rates drop. “Popular models like the Toyota RAV4 Cruiser or Toyota Corolla will maintain their popularity thanks to their fuel economy and high-tech features.”
