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Used car prices are continuing to fall in Australia, but it’s not a rapid race to the bottom. Financial intelligence firm Moody’s Analytics says its Used-Vehicle Price Index in September was down 6.2 per cent on the same month last year, and down 1.0 per cent from the previous month. Breaking the numbers down, however, and it says ute and SUV prices are falling at a faster rate. 100s of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal.
It expects there will be occasional, modest increases in its Used-Vehicle Price Index from one month to the next, while next year it expects prices to be 4.4 per cent lower than this year. An improvement in supply of new vehicles is expected to continue to take pressure off of the used car market, while high interest rates will potentially dampen consumer demand. Should high interest rates stick around for even longer, they could further diminish demand for car loans.
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