Base Year
Historical Year
Forecast Year
Value in AUD Billion
2024-2032
Australia Used Car Financing Market Outlook
*this image is indicative*
Based on financiers, banks lead the Australia used car financing market by providing customers with a broad pool of potential borrowers interested in financing used cars. Banks also leverage cross-selling of their other financial products, such as used car loans, to strengthen customer relationships. Moreover, to remain competitive in the market, banks offer attractive interest rates on used car loans. The non-banking financial companies offer tailored products with features such as lower down payment requirements and competitive interest rates to make financing more accessible to consumers. In October 2022, INCHCAPE Australasia launched its new online and physical used-car division, Bravoauto, with its first store in Penrith, NSW.
Various trends and innovations driving the development of the Australia used car financing market include the increase in online platforms, which allow users to secure financing directly through marketplaces, thereby simplifying the purchasing process. Moreover, fintech companies are integrating innovative solutions such as blockchain-based financing and AI-driven credit scoring algorithms to improve efficiency and reduce costs for buyers. Furthermore, lenders are offering more flexible financing options, including lower down payment requirements and customised repayment schedules, to provide buyers with greater flexibility and affordability.
The Australia used car financing market is estimated to be valued at AUD 64.82 Billion in 2023. It is expected to grow at a CAGR of 5.50% between 2024 and 2032 to reach almost AUD 104.95 Billion by 2032.
Market Breakup by Car Type
Market Breakup by Financier
Market Breakup by Region
Sedans hold a significant share in the Australia used car financing market, driven by their popularity, affordability, and versatility. They attract diverse buyers with accessible financing options, stable resale values, and suitability for various purposes, ensuring their strong market presence and growth.
The growth of the used car financing market is fuelled by fintech innovations, flexible financing options, online financing platforms, digital transformation, and the rise of sustainable transportation.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market was valued at AUD 64.82 Billion in 2023.
The market is projected to grow at a CAGR of 5.50% between 2024 and 2032.
The revenue generated from the used car financing market is expected to reach AUD 104.95 Billion in 2032.
Based on the car type, the used car financing market is bifurcated into sedan, hatchback, multi-purpose vehicle, and sport utility vehicle (SUV).
Key players in the used car financing industry are Ozcar Pty Ltd., Plenti Group Limited (Plenti Pty Limited), Pepper Money Limited, Sojitz Corp. (Albert Automotive Holdings Pty Ltd.), Wisr Finance Pty Ltd., Quantum Savvy Pty Ltd., and Adelaide Vehicle Centre, among others.
Based on financier, the used car financing market is divided into non-banking financial companies (NBFC), OEM and banks.
The market is broken down into New South Wales, Victoria, Queensland, Australian Capital Territory, Western Australia, and others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| Report Features | Details |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Car Type |
|
| Breakup by Financier |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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