Every month at Prices People Pay, we analyse new data that our comprehensive used car price database has collected, to provide you the latest insights into the used car market. Here’s our summary for the month of November.
Top Sellers
Although Passenger vehicles still lead the way in volume of sales we’ve observed a reduction for November. As passenger vehicle sales decline in the new car market we are expecting the disparity between stock levels of Passenger vehicles and SUV’s to diminish over time.
SUV’s have definitely taken a large share of overall sales, with light commercials also seeing some decline. With fleets and businesses looking to extend the life of their trade vehicles we expect the volume of light commercials to remain suppressed for the medium term.
Looking at individual models, the Ford Ranger has taken the lead off the Hilux in November. However, Toyota continues to dominate the used car sales market with 4 of the top 5 most common sellers being Toyota badged. While the Hilux and Ranger stay firm in the top 2 spots (making up the majority of sellers in the light commercial space) the Camry, Corolla and Rav4 round out the remaining 3 spots.
There’s been very little change in the order of most popular selling models overall. The only exception is the Ford Territory which dropped off in October but has made a return in November. Along with the Holden Cruze we’re expecting these two vehicles to drop off as they have both been discontinued years ago.
Comparing to last month
We expected a reduction in supply in November which took place, with the largest decrease in Passenger vehicles. As we move further to the end of the year we expect supply overall to decrease as businesses shut down over the holiday period.
Looking at individual models, there’s unsurprisingly more decreasing movements in supply across the board. There’s been a decrease in Commodore, Hilux and Camry stock being returned from fleet markets as leases begin the turnover process in the summer months. Aside from these three models, most vehicles have seen relatively small changes versus October.
Comparing to last year
Year-on-Year we’ve actually seen a reduction in sales across the board for November, something we saw in October as well. Like October the largest drop was in Passenger vehicles as well while SUV’s saw a slight increase, a strong reflection of the changes that have taken place in new car sales.
The reduction in new car sales over the past 18 months is beginning to have an effect in reducing supply entering the used car market, so we expect supply to decline somewhat gradually over the course of the next 12 months. Passenger vehicles have seen the sharpest decline in new car sales so unsurprisingly we are observing a similar trend in the used car market.
Similarly, we’re seeing a reflection of activity in the new car market in sales of individual models. Passenger vehicles like the Toyota Camry, Holden Commodore and Holden Cruze have all seen sale numbers reduce compared to November last year.
The Toyota Camry has seen a reduction even though it’s been a strong seller in the new car market, explaining the stronger prices we’ve seen for the Camry over the past few months due to short supply.
Data Source
Prices People Pay sources data exclusively from Datium Insights. Feel free to check out their products and services page for more info.
