More and more Aussies are selling their cars to help ease cost of living pressures, with prices for some second-hand models booming.
Since the start of the pandemic, used car prices have risen by a phenomenal 79 per cent, and if you have an Audi RS7, Mercedes G or Toyota Hilux, you could be sitting on a goldmine.
The 2021 Hilux has increased in value by an incredible 136 per cent from $29,000 in June 2021 to $68,500 in June 2022.
With Australia’s inflation now at 6.1 per cent – the highest in two decades – some people are finding the key to financial stability could be in their garage.
According to 2021 census data, 55.1 per cent of Australian households own two or more vehicles, and some of them are now ditching their second car, while others are going entirely car-free.
One of those who have made the decision to sell their sole vehicle is Milli Ogden, who as well as dealing with rising prices is also saving for her wedding.
Milli Ogden (pictured) sold her car to help deal with the rising cost of living and to save for her wedding

The 2021 Toyota Hilux has increased in value by an incredible 136 per cent from $29,000 in June 2021 to $68,500 in June 2022
With inflation still rising, many are finding selling their second vehicle can unlock more financial freedom by cutting back on day-to-day running costs such as servicing, registration, insurance and fuel.
Car sales site Gumtree Cars has revealed the price Aussies can expect to get for their second-hand car, and how they can best capitalise on skyrocketing prices of used vehicles.
The site has named the most valuable make-models across each category for 2022, with the top sellers including: Audi RS7 ($104k), HSV GTSR ($184k), Mercedes G ($241k), RAM Ute ($121k), Volkswagen CC ($68k) and Range Rover Velar ($120k).
Gumtree found newer cars have seen the biggest increases, with 2021 models going up by 11 per cent overall versus 2020 cars, which increased by 7 per cent from June 21 to June 22.
Hatchbacks increased by a huge 40 per cent, from an average of $21,499 to $30,000, but coupes more than doubled that rate, increasing by 96 per cent from $36,650 to $72,000.
While Utes overall didn’t fare as well – they still increased by 12 per cent from $59,900 to $67,000 – some models increased spectacularly.
The 2021 Toyota Hilux had the biggest increase year-on-year from June 2021 to June 2022, going up 136 per cent from $29,000 to $68,500.

Milli Ogden (left, with her fiance) sold her car a year ago and is using the savings to pay for her upcoming wedding
The 2021 Toyota Landcruiser Prado increased 99 per cent from $41,500 to $82,500 in the same period, while the 2021 Toyota Rav4 increased by 34 per cent from $42,500 to $57,000.
An older car, the 2020 Nissan Navara, increased by 32 per cent from $42,500 in June 2021 to $56,000 in June 2022.
When selling your car makes good financial sense
Milli Ogden, 34, moved to Surry Hills in inner city Sydney in 2020 and struggled with parking in the area.
She often ended up with parking fines as she didn’t have a permit and having to move her car every few hours became a huge hassle.
Having grown up in the country, she always had the mindset that she needed a car, so was reluctant to go without one for a long time.
But after going through the pandemic, she noticed her car would sit idly for days at a time and was getting sick of having to cover all the running costs such as green slips, pink slips, insurance and fuel when she wasn’t using it as much.
A year ago, she noticed the second-hand car market was very strong, so she decided to bite the bullet and list her car on Gumtree Cars and test out going car-free for six months.
Twelve months on, she’s very happy with that decision and has not bought a new car.
Ms Ogden said she’s really noticed the difference in how much more she’s been able to save by not having a car, which has helped her go on a few holidays and save for her wedding.
When she does need a car for longer trips, or weekend getaways, she rents one.
While she initially feared she would feel a lack of freedom by not having a car, she said it didn’t work out that way and she is able to get around fine using public transport or ride share services.

Used cars have exploded in value during the Covid-19 pandemic, rising by a phenomenal 79 per cent

Car sales site Gumtree Cars has revealed the price that Aussies can expect to get for their second-hand car, and how they can best capitalise on skyrocketing prices of used vehicles

Toyota Landcruisers are in hot demand. The 2021 Toyota Landcruiser Prado increased 99 per cent from $41,500 to $82,500
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