Care Sales – How the used car market has changed
The used car market has seen significant changes over the last 30 years. Fluctuating petrol prices have affected which brands and models sell the best or depreciate the most. The international political and economic climate has also affected new and used car sales. But aside from industry fluctuations, one factor that has caused particularly major changes is the emergence of the online car sales segment.
Car sales online: a new era
Today, there is an abundance of car sales information online. It ranges from statistics and industry trend reports to communities and forums where people can get unbiased information. Deloitte.com reported that over 80% of people in Australia use the internet to get car sales information before they make a decision. This means that today’s car buyers and sellers are much more well-informed than in the past. People today have many more options for buying and selling used cars than ever before.
Online car sales compared to car trade-ins
Deloitte.com also noted that car trade-ins have been decreasing over the recent years due to the multitude of other more favorable options online. From private-to-private car sales, to used car classifieds, to online wholesale buyers, it has never been easier to buy or sell a car online. This has seriously impacted some dealerships. Some have been forced to advertise car trade-ins more aggressively, or take a higher cut off each trade-in to make up for the lacking numbers. Meanwhile, online car sales have increased – both private and wholesale. Last year, millions of used cars were sold online in Australia alone.
Used car sales statistics
The average age of a vehicle registered in Australia steadily increased in the 60s, 70s and 80s. It has then remained almost the same since the 90s, at 10 years old. Many more people now choose to buy used cars than in the decades past. In addition, because of Australia’s laws and restrictions related to new car sales, the used car market is much more favorable to the seller here than in North America. In Australia, a 3-year-old car is worth on average 45% of its original cost, compared to only 30% in North America. For 4WDs and small cars, this figure can be as high as 65%.
Why selling a car online is a popular choice
Car sellers in Australia are at an advantage, both due to current market conditions and the growing popularity of online car sales. In the past, trading in a car may have been the easiest and safest option, though not the most profitable. The other alternative was the more profitable but significantly more time consuming and risky option of selling a car privately. But today, people looking to sell a car can have their cake and eat it too. Online wholesale buyers make it easy, fast, and safe for you to sell a car. You can also get more cash when selling online rather than trading a car in – $1000-$2000 more, on average. This is due to lower overhead for online wholesalers and the competitiveness of the market.
With services like SYCF, you can find out what your car is worth in a matter of minutes. Once your reach an agreement with SYCF over the phone, the transfer can be completed in as little as 24 hours. Click here to get a free, no-obligation car valuation. See for yourself why millions of Australians who have chosen to sell their car online!