Used car prices surge at record rates as public transport shunned | JennieDuke
Australians are driving up the price of used cars at record rates, taking advantage of the cheapest petrol prices in two decades and big incentives for businesses buying equipment and vehicles amid health fears about using public transport., demand for used vehicles is now so high prices for second-hand cars have jumped 25 per cent above what they were in August 2019 according to Moody's Analytics data, which tracks transactions at car marketplace Pickles.
The wholesale passenger-car market was up 23 per cent and ute prices have increased by 32 per cent breaking a period of flat and falling values over 2018 and 2019. "We always find buyers gravitate to used vehicles during difficult economic climates or when consumer confidence is low as they are watching their budget.", which was increased five-fold to $150,000 in March for all businesses with a turnover of up to $500 million, also encouraged the purchase of light commercial vehicles and utes, he said.
Fitch Ratings data for the second quarter of the year found a record high measure on the index of borrowers falling behind on car payments by more than 30 and 60 days, despite help from lenders and the government.
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