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When Can You Expect The Australian Car Market To Return To Normal?

We can’t predict the future and there’s been a fair bit of speculation around when the car market will settle and return to normal. But in terms of how long the used car boom in Australia is going to last for, the answer is: for as long as there’s a component shortage, and then a little while longer after that. Many experts are saying that the used car boom will last until mid-2022; some are less optimistic, saying the beginning of 2023.

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Here’s Why The Used Car Market Is Booming – Fingo Finance

The used car market is booming in Australia and all over the world. What’s responsible for it? A perfect storm of a component shortage, lack of new cars being built and waiting times for certain models going through the roof. So, if you’re thinking about buying a used car or selling a used car, here’s why the used car market is booming.

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3 Tips For Navigating The Car Shortage In Australia

Getting a novated lease might be the best way to navigate the car shortage in Australia. Considering the eye-watering prices of used cars which have gone up by 30-50%, and are in some cases the same price as their new equivalents, we can understand why you’ve given up looking to buy a car. So, why not lease it? This way, you get to borrow something that’s fine instead of buying it, which would be a bit of a pain if indeed you weren’t in love with the car.

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How Long Will The New Car Shortage Go On For?

Most experts are predicting that the best case scenario will be mid 2022, and the worst case will be early 2023. But really, it depends on for how long there’s a component shortage, and then a little while longer after that while we wait for car manufacturers to finish building new cars with said components.

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Why Is There A Shortage Of New Cars In Australia?

COVID-19 required the world to use social distancing methods to stop the spread of the virus. This then forced many car factories around the world to shut for a period, meaning there were barely any new cars being produced for a long time. Since then, the waiting time on new vehicles has increased tenfold, turning people to the used car market.

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