Australian used car prices have surged by more than 40 per cent since the start of the coronavirus pandemic.
Even models that don’t usually top the sales charts are highly sought-after as border closures and COVID-19 lockdowns constrain the global supply of brand-new cars.
The Mitsubishi Triton ute is rarely in the top ten list of new car sales and is resoundingly beaten every month by the Toyota HiLux and Ford Ranger.
Nonetheless, average prices for this used car have soared by 41 per cent to $22,639 when March 2020 was compared with November 2020, Datium Insights data showed.
The Holden Colorado, another ute rarely in the top tier of new vehicles, saw its secondhand price soar by 37.4 per cent in just nine months to $26,584.
Datium Insights head of product Tanim Ahmed said businesses that had survived the coronavirus recession were prepared to pay more for a secondhand ute rather than wait for a brand new one.
Big movers in used car prices in nine months
Mitsubishi Triton: up 41 per cent from $16,052 to $22,639
Holden Colorado: up 37.4 per cent from $19,343 to $26,584
Toyota HiLux: up 31.5 per cent from $24,601 to $32,352
Ford Ranger: up 31.2 per cent from $22,208 to $29,145
Isuzu D-MAX: up 26.7 per cent from $20,557 to $26,037
Nissan X-Trail: up 20.3 per cent from $17,083 to $20,556
Holden Commodore: up 21.8 per cent from $17,436 to $21,233
Toyota Kluger: up 10.8 per cent from $30,428 to $33,714
Hyundai Santa Fe: up 4.7 per cent from $25,786 to $27,009
Toyota RAV4: up 7.2 per cent from $21,585 to $23,146
Datium Insights, Moody’s Analytics data comparing March 2020 with November 2020
‘Demand for utes throughout the past nine months has been incredibly strong,’ he told Daily Mail Australia.
‘We’ve seen that the pandemic has had the greatest effect on service industries such as travel and hospitality, however industrial businesses involved in construction, engineering and mining, which heavily rely on commercial utes, have largely remained unaffected.
‘Coupled with a lower level of existing and incoming new stock across the country, prices for utes have seen the greatest rise in the market.’
This has seen demand soar for the likes of a Mitsubishi Triton.
‘Certain models, such as the Mitsubishi Triton, have seen less availability in the used market the past couple months, leading to greater price rises,’ Mr Ahmed said.
Secondhand prices for the more popular HiLux and Ranger have climbed by more than 31 per cent.
When it came to SUVs, the Nissan X-Trail saw its average used price climb by 20.3 per cent to $20,556.
While it isn’t a top ten bestseller on the new car market, secondhand models posted an even more impressive price increase than the more popular Toyota RAV4, which saw a 7.2 per cent average rise in used prices over nine months.
While Holden Commodore prices have climbed by 21.8 per cent on the used car market, that was the exception with sedans and hatches failing to do as well as utes or SUVs.
‘Australia’s fascination with SUVs continues to drive greater price strength in SUV models such as the Toyota RAV4 and Nissan X-Trail at the expense of smaller sedans and hatchbacks,’ Mr Ahmed said.
‘With more people looking at domestic travel this year, demand for quality SUVs that can be used for long distance travel has seen prices increase in the secondhand market faster than prices for sedans and hatchbacks.’