Virus Prompts Hike in Used Car Prices

Wayne Gillard polishes up his 1981 DeLorean DMC 12, one of only six in Australia and up for auction at a novelty auction, seen in this 15 July 2004 file photo in Melbourne. WILLIAM WEST/AFP via Getty Images

The COVID-19 pandemic has been good news for Australia’s second-hand car market with prices jumping 35 percent last year.

Moody’s Analytics says the increase was fuelled by limited supplies of new vehicles, fewer trade-ins and increased demand.