By Stephen Johnson, Economics Reporter For Daily Mail Australia
03:03 29 Sep 2020, updated 03:41 29 Sep 2020
- Datium Insights has revealed used car models surging in price in only one week
- A shortage of imported cars has seen buyers turn to the secondhand car market
- Utes are driving a surge in used car prices, with the Isuzu D-MAX very popular
- Holden Commodore and the Ford Mondeo are surprisingly popular used cars
- Both models are either being phased out or are no longer sold new in Australia
Used car prices are surging as the coronavirus crisis creates a global supply shortage – and SUVs aren’t dominating the secondhand market.
Passenger cars that weren’t even popular when new are highly sought-after now during volatile economic times.
In just one week, prices for used Holden Commodores have surged by 4.8 per cent, Datium Insights data has revealed.
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That is a stark contrast to its fortunes as a new car last year, when showroom sales dived by 34.6 per cent – as buyers disapproved of an old Australian favourite coming from Germany.
Even the Ford Mondeo, hardly ever a popular choice when new, is igniting secondhand buyer interest with its used prices rising by 4.7 per cent – despite the fact the model is no longer sold new in Australia.
Datium Insights head of data science Tanim Ahmed said a shortage of imported new cars, particularly from Japan, South Korea and Germany were major contributors to motorists turning to the used car market.
The supply of new cars fell by 10.4 per cent in just one week as the COVID-19 crisis created an ‘incredibly volatile’ market.
Secondhand ex-government fleet cars are in vogue, particularly if it has a tray at the back.
This has seen demand soar for utes, even if buyers are flocking to models that are now outdated.
Isuzu D-MAX prices soared by 5.5 per cent, despite late-model secondhand examples being the old model which was replaced earlier this month.
Ford Ranger values climbed by 3.4 per cent, with the late-model ones on the market now set to be replaced in 2021 with an all-new version that is based on a Volkswagen Amarok instead of a Mazda BT-50.
Toyota HiLux prices increased by 2.9 per cent, despite the fact a face-lifted model was released in late August.
Before the pandemic, used vehicles traditionally depriciated when a new model was unveiled.
The SUV market was another surprise, with Toyota RAV4 values falling by 1.3 per cent in one week, despite the medium high-rider being Australia’s most popular new car in July and August.
Toyota Kluger values fell 2.2 per cent but Subaru Forester prices have increased by one per cent.
Overall used car prices rose by 2.1 per cent in the week to September 28.
Ute prices rose 5.8 per cent, driving the secondhand market.
Former council vehicle prices rose 5.4 per cent as former government fleet car prices increased by 4.7 per cent.