Secondhand vehicle prices in Australia have risen by 18.4 per cent in the past 12 months, and are starting to flatten out.
Moody’s Analytics economist Catarina Noro said Australia’s wholesale used-vehicle index is showing signs of slowing down, but it is unlikely there will be any declines in prices.She said prices are 18.4 per cent higher than they were a year earlier and in May were up 1.8 per cent from April.
New vehicle sales figures for May out last week from the Federal Chamber of Automotive Industries showed a 6.4 per cent decrease to 94,383 vehicles compared with a year ago, with supply backlogs a major reason for the decline. There wereGlobal economy slowing She said while the semiconductor situation was more stable than it was a few weeks ago, it was still having knock-on effects. Japanese giant Toyota announced it will cut global production by around 100,000 vehicles in June and had suspended 16 production lines in 10 factories because of the Shanghai lockdown.“Although there are signs of a deceleration in price gains, prices are not expected to decline any time soon”.
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