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Why you shouldn’t buy a used car right now

Why you shouldn’t buy a used car right now By Josh Dowling April 10, 2021 A chronic shortage of new cars – caused by production interruptions due to parts delays during the coronavirus crisis – has prompted an unprecedented surge in used car values across Australia. Used car buyers are either treating themselves to a new set of wheels amid international travel restrictions, or planning to embark on an epic road trip. However, experts warn people should not buy a used car now unless it’s a necessity because they forecast values will hit the brakes in about six months once production of new cars ramps up again. The used car market has had an unprecedented boom since the pandemic began. CREDIT:ROB HOMER Data compiled by Moody Analytics - and sourced from auction houses that handle thousands of wholesale deals each month - estimate used car values have surged between 30 and 48 per cent since the pandemic struck early last year…

Second-hand cars with that new car price

Cashed-up consumers scared of using public transport due to the coronavirus have driven used car prices up almost 50 per cent since the pandemic started, but they now face a fall in the value of their worn set of wheels. Data compiled by Moody's Analytics and Datium Insights shows just as the market for toilet paper and pasta was up-ended by measures to stop the spread of the coronavirus, demand for second-hand cars has accelerated.

In the immediate advent of the coronavirus, when many Australians were forced to work from home, wholesale used-car prices nose-dived to their lowest point in at least half a decade.

But since April, they have grown by 49 per cent. They are now a third higher than in October last year. Moody's analyst Michael Brisson said under normal circumstances, used cars ha…

Global shortage of new cars leaves car yards nearly empty and forces used car prices up

Key points: There is a shortage of new imported cars reaching Australia Car yards usually filled with new cars are nearly empty Prices of used vehicles are up 30 per cent on this time last year

He said, normally, he would have eight to 12 to cars on display.

"At the moment, we have one, so supply is very tight," he said.

"The factory in Japan closed down for a month, so it's been a chase, a catch-up, ever since."

Mr Sutton said he still had plenty of people interested in buying new cars — they just had to wait a little longer.

"Customers come in, and they need to order vehicles, and there'd be a two-to-three-month delay," he said. Demand up, supply down Neil Sutton is finding it hard to get new cars to fill his car yard.(ABC Alice Springs: Oliver Gordon)

What's happening at this car dealership in Alice Springs reflects a …

Used car prices hit another all-time high

It’s a seller’s market: Used car prices hit another all-time high Selling your car could be an easy way to make a quick buck during the coronavirus recession. Research by Moody’s Analytics and Datium Insights shows used vehicle prices rose for the fifth straight month in September to hit another all-time high. Average prices jumped 3.8 per cent over the month as persistent weakness in the new vehicles market and aversion to public transport left too many buyers chasing too few cars. A 2006 Nissan Patrol ST, for example, was selling for $15,510 more in September 2020 than in September 2019, with buyers forking out an average of $38,500 for the car, according to Carsales.com.au. (The 2017 Holden Special Vehicle GTS R experienced the biggest annual median price increase – rising by $51,990 to $169,990 – but that’s unsurprising given no more Holdens are rolling off the production line.) As Moody’s Analytics economist Michael Brisson put…

Used car prices surge at record rates as public transport shunned

Used car prices surge at record rates as public transport shunned Australians are driving up the price of used cars at record rates, taking advantage of the cheapest petrol prices in two decades and big incentives for businesses buying equipment and vehicles amid health fears about using public transport. While new car sales have dived, demand for used vehicles is now so high prices for second-hand cars have jumped 25 per cent above what they were in August 2019 according to Moody's Analytics data, which tracks transactions at car marketplace Pickles. Liam Baverstock, branch manager of Pickles in Canberra, has seen prices surging for used cars.CREDIT:ALEX ELLINGHAUSEN

This is a record annual growth rate, surpassing a previous 20 per cent price rise in December 2009 following the global financial crisis, and comes after…

Used car bargains few and far between in north Queensland and reprieve is weeks away

Used car bargains few and far between in north Queensland and reprieve is weeks away Used cars are in short supply in regional areas such as Townsville.(ABC North Queensland: Chloe Chomicki) Industry experts say it will be weeks before more used cars hit sales lots in north Queensland. Key points: Dealers and auction houses are struggling to find used cars during the pandemic A halt in new car sales and fleet vehicle turnover means there is less trade-in activity Experts expect there will be a reprieve in late October when imports increase

Since the coronavirus pandemic began, the industry has seen both a lull and a boom in sales.

In recent weeks, however, the ideal bargain has been hard to come by in regional areas.

Townsville used car sales manager Craig McGrath said trade-ins had slowed, meaning less choice for customers.

"Th…

New car sales in Australia slump but luxury brands buck trend during coronavirus pandemic

New car sales in Australia slump but luxury brands buck trend during coronavirus pandemic Overall sales have fallen 20% between January and August but Audi sales have actually increased Audi car sales in Australia have increased despite the coronavirus pandemic. Photograph: William West/AFP/Getty Images New car sales in Australia have slumped since the start of the coronavirus pandemic, but one sector is bucking the trend – luxury brands.

Overall sales have fallen 20% as people have lost jobs and income, overseas factories have closed down and the recession has begun to bite.

But sales of luxury brands have declined much less sharply and, in at least one case – Audi – actually increased.

Figures from the Australian Automotive Dealers Association and Commonwealth Bank show car sale…

Tasmanian car dealership reports downturn in new-car sales, used cars in ‘tight supply’

Tasmanian car dealership reports downturn in new-car sales, used cars in 'tight supply'

Car sales are down around the country, with about a quarter of a million fewer new cars being sold this year, according to Tasmanian car dealership owner Errol Stewart.

Key points: International car manufacturers are experiencing shortages Fewer new cars are coming into the country resulting in less sales, and fewer trade-in cars at dealerships Second-hand cars offered for sale privately are being purchased by car dealerships

That also directly impacts your chance of picking up a privately sold used car for a bargain price.

Gone, at least in the meantime, are cars by the side of the road with a phone number and asking price scrawled on the windscreen that are offered for private sale.

Car dealers are increasingly buying direct from the public due to trade-in car numbers decreasing and …