How Long Is Australia’s Used Car Boom Going to Last?

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How Long Is Australia’s Used Car Boom Going to Last?

Being able to predict the future would be an awesome superpower, wouldn’t it? Not because you could tell how life is going to unfold for you in the years to come, but because you’d be absolutely filthy rich. Imagine investing in Microsoft when Bill Gates was mucking around with computers in his garage, or throwing a few thousand dollars on Bitcoin when they were going for 50 cents a pop.

Unfortunately, nobody knows exactly what the future holds in this way, making it difficult to exactly answer the question which you came here to get answered. We can’t tell exactly how long the used car boom in Australia is going to last, but we can give you a rough idea. Keep reading to find out.

“Wait, what used car boom?”

If you’ve been living under a rock for the past two years, we’ll give you a basic rundown. 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.

Waiting times on vehicles were blown through the roof: longer than the queue for the Batman ride at Movie World. 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 rusty 1991 Corolla parked across the street is now worth its weight in gold (not really, but you get the idea).

How long is it going to last?

Like we said, we’re not clairvoyant. If we were, we’d be telling you which stocks to invest all your money in. 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 beat the used car boom

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 climate. Who do you turn to? Luckily, we have the answer: are a team of highly skilled car brokers who work for you to secure you the best deal on your new or used car purchase. They use their database of over 2,000 car dealerships across Australia to compare each and every model of vehicle that you’re interested in and use this as leverage to drive down the price of the exact one you want. Don’t let the used car boom get you down in the dumps – talk to the experts at today!