Secondhand four-wheel drive prices have surged by more than 50 per cent since the start of the pandemic – for both big and small SUVs.
Global supply shortages as a result of Covid shutdowns saw motorists opt for late-model used vehicles rather than join a long queue for a new model.
Data from Datium Insights, an arm of US credit ratings agency Moody’s, showed four-wheel drives and utes, in particular, to be particularly popular, even if they weren’t among the top ten on the new car market.
The small Suzuki Jimny is hot on the used car market with average prices surging by a whopping 71 per cent from $24,000 in 2019, before Covid, to $41,000 in 2021.
Secondhand four-wheel drive prices have surged by more than 50 per cent since the start of the pandemic – for both big and small SUVs. The small Suzuki Jimny is hot on the used car market with average prices surging by a whopping 71 per cent from $24,000 in 2019, before Covid, to $41,000 in 2021
That is more than the new price of $28,490 for the boxy little four-wheel drive with a more traditional shape than its SUV competitors.
Due to global supply constraints, just 168 brand new Jimnies left the showroom in February, compared with 113 a year earlier, with the small Suzuki having a small 4.1 per cent market share, Federal Chamber of Automotive Industries data showed.
The frenzy on the used car market is bizarre, considering the Jimny as a brand new model is outsold in the small SUV class by the Mazda CX-3, Toyota Yaris Cross, Volkswagen T-Cross, Hyundai Venue, Kia Stonic, Nissan Juke and Ford Puma.
At the other end of the size scale, secondhand prices for the top-of-the-range Toyota LandCruiser Sahara have soared by 54 per cent from $120,000 to $185,000, well beyond the new price of $124,396.
A 2020 V8 Sahara with less than 20,000km on the odometer is selling for $184,500.
This is even weirder considering an all-new 300-series LandCruiser is being released in August 2021, with sales of car models usually declining at the end of the model cycle.
Today co-host Allison Langdon reminded Karl Stefanovic had could sell his LandCruiser Sahara for a tidy profit.
‘You’re sitting on a gold mine, Karl,’ she said.
Due to global supply constraints, just 168 brand new Jimnies left the showroom in February, compared with 113 a year earlier, with the small Suzuki having a small 4.1 per cent market share, Federal Chamber of Automotive Industries data showed
Stefanovic joked he was considering selling his black Sahara for a special Toyota Yaris GR Rallye, which sells for $54,500 new.
‘I was thinking like trading down to one of those little rally Yaris things,’ he said.
‘I love the LandCruiser, I don’t want to get rid of it. If you sell it you can’t get another one, that’s the problem isn’t it?’
James Ward, the director of content with caradvice.com.au, said inflated price for a LandCruiser Sahara was an example of cashed-up motorists willing to spend ridiculous amounts on a used car.
‘People are paying for more than new price on secondhand LandCruisers,’ he told Nine’s Today show. ‘It’s like BitCoin.
At the other end of the size scale, secondhand prices for the top-of-the-range Toyota LandCruiser Sahara have soared by 54 per cent from $120,000 to $185,000, well beyond the new price of $124,396
Today co-host Allison Langdon reminded Karl Stefanovic had could sell his LandCruiser Sahara for a tidy profit
In the ute market, prices for a used Nissan Navara SL have risen by 38 per cent from $29,000 in 2019 to $40,000 in 2021.
A brand new Nissan Navara ST dual cab has a brand new recommended retail price of $49,490.
But on the used car market, a slightly more upmarket ST-X model built in 2019 is selling for $52,990, not far below the new ST-X price of $55,790.
The big surge in used car prices occurred between March and November last year, before global supply issues with brand new cars was resolved.
Mr Ward said a lack of new cars saw motorists opt for late-model used examples.
In the ute market, prices for a used Nissan Navara SL have risen by 38 per cent from $29,000 in 2019 to $40,000 in 2021. Pictured is a 2019 ST-X D23 dual cab
‘The market for new cars is actually having a lot of stock issues as we sort of hit the back end of the global supply chain issues that came out of the pandemic,’ he said.
‘So there are no new cars to buy. Then on top of that you’ve got people looking to get a second car or a commuter car because they are still not sure about public transport.’
A ban on overseas holiday travel since March last year has also seen Australians put their money into cars rather than accommodation at luxury resorts.
‘Because we can’t travel overseas a lot of people are buying cars to travel Australia so demand is up, supply is down, and where there are no new cars, people are turning to used and demo cars which has pushed prices through the roof,’ Mr Ward said.