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Used cars for new prices as COVID drives WA sales through the roof

Used cars for new prices as COVID drives WA sales through the roof By Emma Young When Colin Taylor knew his car was not long for this world he thought he would just pop down to the dealership and replace it. Little did he reckon with a soaring WA market, countering trends in the rest of the country, in which customers are experiencing months-long delivery delays, buying higher-end models than they wanted, and buying used for new-car prices. Colin Taylor with his new car. The model of Mitsubishi Triton Mr Taylor wanted wouldn’t be available for six or seven weeks, his dealer told him. “I figured that would mean 12 weeks,” he said. “So I opted to buy a new one they already had in the showroom. “I needed the car urgently. My existing vehicle was on the way out. I paid about $6000 more. “There are so many people waiting for new cars, plus they also told me people were buying used cars with low kilometres at much more expensive prices than the…

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…

Alice Springs Car Dealership sees Pandemic car sales bonanza

Pandemic car sales bonanza By Erwin Chlanda By ERWIN CHLANDA After 45 years of selling cars, partly in Alice Springs including the past seven year, Stephen Rogers (at right) thought he’d seen it all: The start of 2020 was looking not too bad, fitting into the pattern of the industry’s minor ups and downs, February and March usually being quiet. Then COVID-19 struck and disaster seemed inevitable. The opposite was the case: The Federal Government’s string of economic rescue initiatives, starting in April with early releases of superannuation savings, opened a money flood that saw car yards on the North Stuart Highway filling and emptying several times over. No sooner a load of used cars arrives in town they are snapped up, says Mr Rogers. Some people form bush communities are buying two at a time, says another dealer. Unsurprisingly a $6000 car now costs $8000, a result partly of drops in new car purchases in South Australi…