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Prices of Australian Used Cars Have Spiked During COVID - Here's Why & How Much The price of used cars in Australia recently hit an all-time high and is still soaring - not good news if you're in the market for a new car for yourself or your business. Most Australians are opting for used cars rather than new cars. A combination of global production shortages and people opting for private transport, rather than catching public transport, is fueling the demand for new cars and used cars and driving up prices in the process! The shortage of new car stock has also increased wait times. Some buyers have waited as long as eight months for their new cars to arrive. According to Jame Voortman, chief executive of the Australian Automotive Dealers Association, "This is a global problem. It's affecting almost every brand in every market in the world." New and Used Car Buyers Feeling The Pinch The limited supply of new cars is also contributing to the hike in used car prices. Some people interested in buying new cars haven't been able to due to short supply or a long waiting period. In some instances, some used cars are selling for more than they sold for brand new. The price of four-wheel drives has gone up because the international travel restrictions have prompted people to explore Australia instead. Get Ahead of The Crowd with Quick, Easy Vehicle Finance Whether you're in the market for a new or used car. Contact Us At: https://autofinanceaustralia.com.au/
