Returning to normal has been a big topic of conversation over the past couple of years. In fact, pretty much as soon as things went pear shaped, ‘returning to normal’ was a daily topic of conversation. But most of the time, that phrase is used in reference to lockdowns, restrictions and the other areas of life that have been turned upside down due to COVID-19; usually, they’re not referring to the other major result of the pandemic, which is the boom of the Australian used car market.

Unfortunately, nobody knows exactly when the car market in Australia will return to normal. If everybody did, you wouldn’t be reading this post and we wouldn’t be writing it. We can only go off what the experts are predicting, which we’ll address later in the article. But first, here’s how it all began.

Why is it so?

The car market in Australia has gone a little crazy for a number of reasons. COVID-19 enforced social distancing requirements, which then forced many car factories around the world to shut for a period. This means there were barely any new cars being produced for quite a period of time. 

The waiting lists for new models got longer and longer. And then, to top it all off, once production of cars resumed, the world experienced a shortage of components, particularly semiconductor chips. 

All of these factors have hence driven up the price of used cars by 30%, 40% and even 50%, meaning that just about every rust bucket in the country got a nice little price increase.

When will the market 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 components 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.

How to get a good deal, even in the current market:

And this is where it gets interesting. You’re looking for your next car, but you don’t want to overpay… which is what so many people are doing in the current market. Who do you turn to? Luckily, we have the answer:

Fingo! They’re a team of specialist car brokers and financiers who offer low-cost yet incredibly valuable car advice when buying, trading, selling or financing your vehicle. Consult Fingo if you’re wanting to buy a car in the current climate – they use their database of over 2,000 dealerships in Australia to find you the best car at the best price.

Fingo Finance