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Used car prices 37pc above pre-COVID highs

Used car prices 37pc above pre-COVID highs A global microchip shortage has cut the supply of new vehicles, fuelling demand for used cars as Australia’s economy recovers. Motoring by Lachlan Moffet Gray Premium Content Subscriber only Used vehicle prices continued a "relentless path higher" in the first quarter of the year as Australia's strong economic recovery, combined with new vehicle supply constraints, pushed the cost of a preloved car 37 per cent above pre-pandemic highs. A report by Moody's Analytics senior economist Michael Brisson shows that the average price of a second hand car lifted five per cent in the three months to March - the slowest quarterly increase in the past year, but a rate of growth above any quarterly increase in the decade prior.

Used car prices 37pc above pre-COVID highs

Used car prices 37pc above pre-COVID highs

Used car prices 37pc above pre-COVID highs

Australian used car prices surge 37 per cent since the start of the Covid pandemic

JB Hi-Fi and Super Retail flying on buoyant spending

Closed borders stretch purple patch for JB Hi-Fi, Super Retail Save Share The purple patch being enjoyed by retailers of home entertainment and office electronics, furniture and leisure equipment such as four wheel drive accessories and camping gear could last another year after advice that international borders may not reopen until 2022. The chief executives of electronics and appliances retailer JB Hi-Fi and Super Retail – which owns Supercheap Auto, sporting goods retailer Rebel and outdoors chain BCF – expect their sweet spot of buoyant consumer spending to continue while overseas travel remains banned, as health experts signalled this may extend for all of this year.

Used car listings are drying up as demand soars