What are car buyers and sellers looking for in 2023?

Car sales have been booming in 2023, with almost 900,000 sales of new cars being made across Australia so far, according to the latest report from Federal Chamber of Automotive Industries (FCAI) .

In fact, there was a 18.3 per cent increase in sales this September compared to 2022, and a new September record has been created. 

The data shows that Aussies have still been committing to new purchases despite the current cost of living crisis, however, budget is still front of mind when looking at a new set of wheels. 

Car buyers and sellers are facing some obstacles given the current economic climate, but they are prioritising some key things to help them achieve their goals. 

If you are in the market for a car or are looking to sell, here is what people are looking for in their automotive experience. 

What are car buyers looking for? 

There has been an 11% increase in car buyers since last year, according to a consumer sentiment report by CarSales. Of these buyers, there are four key trends in what buyers are looking for when buying a car, and could be useful to look for your next purchase. 

1. Quality and reliability is key: A majority of buyers are focusing on the quality of the vehicle and how reliable it will be to get them from A to B. Skimping on quality for a lower price is not worth it in the long run, especially if there are long drives ahead of you. 
2. Used cars are on the rise: New car sales are hitting records at the moment, however, 64% of Aussies are specifically looking for a used car. When buying a used car, it’s important to have a record of all mechanical work done and to inspect the car well for accident damage. Hot tip: Make sure to look under that bonnet or even have a professional check it out. 
3. Warranty keeps buyers going back to dealerships: Private sellers and dealerships are both on the radar of buyers, but a key feature keeping dealerships relevant is their ability to offer a warranty. A warranty adds another layer of protection to the purchase if something was to go wrong. 
4. Cost of living is impacting the budget: Many people have had to wiggle around their budget due to increasing cost of goods, especially car costs like fuel. Having a predefined budget is a great way to buy without putting too much strain on the wallet.

What are car sellers looking for?

It’s hard to get into the head of car sellers but one thing seems obvious: if they have a popular model on their hands, it might be time to capitalise. For example, Toyota, Mazda, Ford and Hyundai remain among Australia’s best selling car brands, as per the FCAI. What else are they after? 

1. Looking to upgrade: A key reason why sellers are going ahead with selling their car is to make an upgrade to a new or better car model. This might be especially the case with a host of new models in showrooms in 2024 - with some coming up from Toyota, Jeep and Lexus. . 
2. All about the sale price: The price is the most important part of the process for sellers, and determines the success of their sale. What helps get the most out of a sale? When a car is checked and repaired it could help boost the number.
3. Ease of sale: Outside of price, sellers are also looking for a seamless experience. There are numerous ways to sell a car, partnering with a dealership could be the most seamless approach. 
4. Not really in a rush: While sellers want their new upgraded wheels, they aren’t particularly in a rush to list their car. Getting the listing just right can make all the difference. 

If you are in the market for a new or used car and need some extra financial support, a car loan could be a helpful option to get you that model upgrade. Check out some of our editors' picks for best car loans or compare car loan providers down below.