The Australia Used Car Market: Trends and Future Outlook

Thu, 10 Oct 2024 10:36:10 +0000

The Australia used car market, valued at nearly AUD 65.96 billion in 2023, is projected to experience substantial growth, driven by the proliferation of peer-to-peer distribution channels. Amidst increasing wait times for new vehicles and rising consumer preference for cost-effective automobile models, the industry is expected to grow at a robust CAGR of 5.50% from 2024 to 2032. By 2032, the market is anticipated to reach around AUD 106.80 billion, reflecting not only a surge in demand for used cars among middle-income consumers but also from school-going graduates who prefer modern and yet affordable pickups.