Used Cars Vs New Cars in 2022

So far, it has been a dynamic yet frustrating year for the automotive industry. Right across the globe, countries are still recovering from the impact of the Covid-19 pandemic. Add to the equation the conflict in Ukraine (a major supplier of car parts) and we have the perfect storm of disruptions. 

Used car market prices remain considerably higher than pre-pandemic levels. According to Go Auto News, the average dealer asking price for used cars has broken through the $40,000 barrier in Australia. 

With car manufacturers fighting slow supply of new vehicles, it’s unlikely used car prices in Australia will return to pre-pandemic levels any time soon. The good news is that Mornington Ford has a wide range of used cars at a competitive price to cater to increased demand.

Which Route To Take?

There has been intense competition between used cars and new cars in 2022. The main reason lies in the delay in delivering new cars to the market, which as a result skyrockets used car prices. Customers are struggling with whether they should wait another 6-12 months for a new car or fork out money for a potentially overpriced used car instead. 

To help you make the most informed decision, let’s take a look at what’s happening with used and new cars in the market right now. 

Used Cars in 2022: Skyrocketing Prices

Without question, there has been an unprecedented change in the used car market over the last two years.

According to AutoRadar, the average used car price now sits at $33,000, up $10,500 from early 2020. Furthermore the gap between the asking price of used vehicles, and the price realised on the sale, has shrunk dramatically, indicating high demand and quick sales, benefiting sellers but making life pretty competitive for buyers.

If you’re searching for used car dealers Frankston or second hand cars Frankston consider Mornington Ford. The team has worked to remedy this situation offering sellers competitive buy backs while ensuring customers aren’t taken advantage of when it comes to purchasing. 

We understand it can be frustrating news for buyers with limited budgets. In this case spend some time to research our extensive range of financial packages and assistance to ease buyer pressure. 

New Cars in 2022: Long Wait Time

Current supply delays in the new car market are mainly due to the unprecedented levels of demand and vehicle component supply delays caused by the global semiconductor shortage and ongoing COVID-19 pandemic. As a result of these delays many customers have made the switch to used cars, driving business towards used car dealers Frankston and second hand cars Frankston.

According to Price My Car, Australian new car delays have hit historic highs with the average wait time for a new car totalling 159 days. The following summary of waiting times and new car delivery dates was compiled using real data from 40,745 new car quotes and orders since January 2019. 

Tony Weber, Chief Executive of the Federal Chamber of Automotive Industries (FCAI), explained new car delivery delays as a situation with no clear end date, “It’s unlikely we will see supply chain issues resolved in the near future.”

Fortunately, when searching either used cars Mornington Peninsula or Frankston used car dealerships, we have you covered. Shop from a range of pre-owned and pre-perfected vehicles readily available for delivery, eliminating the constraints present in the new car manufacturing stage. 

Advice for Buying a Car in 2022

With direct correlation between wait time for new cars and used car prices, we can assume the longer the wait the higher the price for used cars. In a volatile industry with so many disruptions, it’s hard to tell when wait times and prices will return to pre-pandemic levels. 

For those who can’t afford to wait 6-12 months for a new car, used cars are a smart alternative. Search Hastings cheapest cars and used cars Seaford for a wide range of used cars at a competitive price. If you’re looking in the Mornington area, search used cars Mornington and Mornington Holden used cars offer great solutions to long wait times. 

Alternatively, when it comes to purchasing a new car, customers need to do their research, shop around and be open to passing up the exact colour or model they are after. Whether deciding to purchase a new or used car, always make sure to use an authorised dealer to protect your rights and interests. Mornington Ford is here to help you, regardless of the route you take.