Great news for everyone entering the used car market... used car pricing has dropped for the first time since the pandemic!
June reports show dealer used cars are now 3.4% cheaper compared to this time last year. This officially marks the first year-on-year decline in the first three years.
This is a massive sigh of relief for many car buyers who traditionally turn to the used car market to find a slightly cheaper price for their new car. Buying a used car is a fantastic way to buy your dream car at an affordable price.
During the pandemic, due to supply chain issues, stock shortages and the desire for private transport options, customers prioritized availability over price. This caused an unprecedented boom in used car pricing, in many cases used cars were more expensive than their new equivalent model.
Simple supply and demand economics came into play.
Toyota's are still proving to be unique in their pricing though, the Hilux, Landcruiser and Kluger have always remained strong in the used car market. Three-year-old Kluger's are reporting prices up 1.7% to their new price.
Remunerator customers most popular vehicles to lease, including the Mazda CX-8, CX-9 and Mitsubishi Outlanders are reporting significant drops of up to 25%. These are proving to be great value vehicles, especially for Australian's wanting to drive a used car on a novated lease!
More Used Electric Cars Are Available Too!
Electric cars are a buzz word now! A quick Carsales search yields over 2,300 used, demo and near new electric and plug-in hybrid cars available. Providing drivers wanting to join the EV driving boom plenty of options at a lower price point.
A more refined search singling out the vehicles that qualify for the electric car discount, results in over 1,000 cars for sale! Not only will car buyers benefit from a reduction in purchase price but they will also save additional thousands each year when driving an EV on a novated lease.
For a used electric car to be eligible for the electric car discount and FBT exemption, the car must meet the following criteria:
- Battery-Electric or Plug-in Hybrid Electric Vehicles
- Valued below the luxury car tax threshold for FY22/23 year: $84,916
- Must be new and not used before 1st July 2022
Therefore, the used car must not be dated older than 1st July 2022.
Resources For Used Car Buyers
We have developed a range of resources for used car buyers to help them find the best deal on their 'new' used car.
We have a dedicated Used Cars landing page detailing all information you need to know when driving a used car on a novated lease.
Before you get into your new car, we've listed some helpful step-by-step tips to help you get the best deal. Read our tips here.