‘Never seen anything like it’: The used car market’s wild coronavirus ride

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Used car prices are up by almost 40 per cent and mechanics are booked solid in “ridiculous” pandemic market conditions.

Mechanics are experiencing their busiest months on record and dealerships have “more customers than cars” thanks to a run on second-hand vehicles from people desperate to hit the road and unwilling to wait for new overseas imports.

Prices collected from auction houses and dealerships by data aggregation firm Datium Insights showed the coronavirus price fluctuations have been far more pronounced than the world’s most recent “black swan event”, the Global Financial Crisis of the late 2000s.Prices crashed about 15 per cent in the first months of the pandemic because of trading restrictions and uncertainty, Datium Insights analyst Tanim Ahmed said.

Business was particularly strong in Victoria in the lead-up to Christmas because so many vehicles were due for service during the months-long lockdown. For the first time since going solo almost four years ago, Mr Brown was actively looking to hire another mechanic and van.

 

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This has been sooo frustrating...

Most of them aren’t worth it though. Been looking for a month now and people are paying $20000+ for cars with more than 150000km. The market seems to be full of buyers who don’t know the value of the cars they’re buying..

might be the only time to get a good price for my old reliable car, but I sure dont have the dough to buy a new replacement.

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