$5,000 cheaper: Used car prices drop for the first time since pandemic - Yahoo Finance Australia

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Some used cars are now thousands of dollars cheaper than this time last year. (Source: Getty)

Used car prices have eased for the first time since February 2020, but buyers shouldn’t expect massive drops.

Dealer used cars are now 3.4 per cent cheaper than this time last year - the first year-on-year decline in more than three years - according to new data from Carsales.

Popular models like the Toyota LandCruiser Prado are now listed for more than $5,000 less than last year.

We’re still paying more for new cars, though, and Carsales editor-in-chief Mike Sinclair said the increases would continue to be reflected in used prices and keep them solid.

“The used car boom has been a constant talking point among Aussies since the start of the pandemic when contributing factors such as consumer demand, restrictions on trading ability and availability of new cars came into play,” Sinclair said.

“Currently, we are seeing some worthwhile reductions and, while it’s unlikely used car prices are going to drop massively, it’s still good news for Aussie car buyers.”

How much cheaper are used cars?

The top three most-searched-for dealer used cars were the Ford Ranger, Toyota Hilux and Toyota LandCruiser Prado.

In May last year, these models were going for an average price of more than $50,000. Last month, the average price of a Ford Ranger Wildtrak 2017 was $46,500 (retail $61,790).

The Toyota Hilux SR5 2018 was going for $49,900 (retail $54,440), while the Toyota LandCruiser Prado GXL 2015 was $44,300 (retail $60,990).

Used car buyer tips

For Aussies looking to jump on the lower prices, Carsales offered the following checklist:

1. Work out what you need in a vehicle (price, comfort, safety, practicality)

2. Establish your budget

3. Do your research and narrow down your prospects

4. Get the vehicle inspected before committing to a purchase

5. Don’t be afraid to do a test drive or take someone else along for support

6. Haggle but be prepared to walk away if necessary

7. Once you’ve agreed to a price, arrange the transfer of funds through a safe electronic facility

8. Fill in the registration-transfer documents in the presence of the seller and ask for their photo ID with a valid address

9. Arrange insurance before driving away

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