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).