There's never been a better time to sell

There is currently untrammelled demand for good used cars in the Australian market, but not enough stock to satisfy that demand.

Many new-car buyers have been forced to buy used or keep their current car, due to factories overseas closing for months at a time after governments instructed businesses and workers to shut up shop and stay home.

With tightening of available new car stock across vehicle brands – local wholesalers and dealers have been selling stock already landed here – owners of older cars are keeping them.

This has had an inflationary effect on used car prices, but not enough to deter buyers.

No doubt private sellers have been startled to find their car sold faster, and much closer to the asking price than they anticipated. In fact, the sales rate for cars on carsales has reached a peak of one car sold every 30 seconds between July and September.

“Availability of dealer used stock on-site is at record low levels,” carsales’ Head of Commercial Insights, Jeremy Moger, noted last month.

“The steep descent [in used car stock levels] from mid-April slowed from the end of June, and from the end of August has plateaued. The same can’t be said of private listings; the reduction in private stock from mid-April has actually accelerated again from early September.”

Buyers can take solace from the situation easing as renewed new car supply begins to trickle through from the factories overseas.

That will reduce pressure on the used car market, with supply and demand beginning to equalise once more.

In the meantime though, now is literally the best time to sell your current car.