car prices

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…