“Now is the best time to be selling a used car, truck, SUV or ute on record.”

These are the words that appear in the latest Datium Insights – Moody’s Analytics Price Index for September, following another record breaking month for used-vehicle prices around the country.

Used-vehicle prices rose by 3.8 per cent between August and September, led by the SUV and Utes segments which accelerated by a combined 8.7 per cent, to make it five consecutive months of growth following COVID induced lows in April.

The latest price rise means used-vehicle prices now sit at a staggering 29.9 per cent higher than they were at the same time in 2019.

However, while prices continue to increase, the degree of growth finally began to slow. September’s growth was the slowest recorded since prices first exploded earlier this year, as passenger vehicles recorded a modest 2.1 per cent growth to put the brakes on the price rise.

The growing divide that exists between the popularity of SUVs and passenger vehicles in the new car market also began to rear its head in the used market in September. While the growth of the two segments have largely followed each other during the rise so far, SUVS accelerated ahead this month as the diminishing availability of used SUV stock pushes prices to new heights.

In light of the latest change in used-vehicle prices, Moody’s has forecasted a continuation of slowing prices as the market finally readjusts to the markets, with growth set to finally flatten out.

However, the news is not good for anyone waiting for prices to come back down to purchase a vehicle, with Moody’s predicting the current levels of pricing to become the new normal as used car dealers look to keep prices relatively unchanged going forward.

Source: Moody’s Analytics

21 October 2020