Ford Ranger Tops Australia's New and Used Car Sales in March 2024

In March 2024, the Ford Ranger was the best-selling model in both new and used car markets in Australia, surpassing the Toyota HiLux and other competitors.

The Australian Automotive Dealer Association (AADA) reported that the used car market saw 184,054 transactions, compared to 109,647 for new cars during the same period.

The Ford Ranger led the used car sales with 5,175 units sold, while new models of the Ranger reached sales of 5,661 units. Following closely, the Toyota HiLux recorded 4,265 used car sales, but lower new car sales at 3,995 units.

Toyota also featured prominently in the used car market with models such as the Corolla, Camry, RAV4, and LandCruiser ranking highly in sales.

According to AADA, the average duration for selling a used vehicle has decreased to 44.2 days, indicating a quicker turnover in the used car market.

This reflects a competitive pricing strategy among sellers and a responsive buying behavior in the market.

The report also noted that some used car models are selling above their original retail prices, suggesting a strong retention of value, with the Suzuki Jimny showing a 126.3% retention rate.

The report further highlights a significant uptick in the sales of electric vehicles (EVs) and plug-in hybrids (PHEVs), which, although still below 1% of the total market share, have seen a larger percentage increase in sales compared to traditional fuel types.

This aligns with broader automotive trends towards more sustainable vehicle options.

Market improvements in new car sales have also had positive effects on the used car market, enhancing the supply and potentially leading to more competitive pricing and better choices for consumers.

The overall condition of the used car market appears to be stabilizing, with a notable decrease in the average time to sell a vehicle and a normalization in pricing following market disruptions from the pandemic.