Buyers tipped to create feeding frenzy as 220 cars go under hammer at Lloyds Auction

Second-hand cars are selling for up to $100,000 more than the retail value of the equivalent brand new model in Queensland as hungry buyers go to extreme lengths to get what they want. SEE WHAT’S SELLING

A feeding frenzy is expected to unfold when the hammer falls on more than 200 second hand cars with popular makes and models predicted to sell at eye watering prices.

Lloyds Auctions is set to host its auction on Monday, July 4 featuring the likes of BMW, Mazda, Holden, Ford, Hyundai and electric vehicles.

Chief operation officer Lee Hames said the most popular models would likely sell for thousands more than their retail value.

Mr Hames pointed to a 2022 Chevrolet Corvette C8 which sold under the hammer for $255,000, nearly $100,000 more than its retail price of $160,000.

It comes after desperate buyers left with 12-month to years-long waits for new vehicles amid global supply chain issues have turned to the second-hand market in droves.

A 2022 Toyota Landcruiser up for auction on July 4.

Market commentators reported buyers had been forced to pay “whatever it takes” prices to secure a set of wheels.

“There has been a trend with many brand-new cars recently as wait times become longer and longer, usually a minimum of 12 months and some up to two years or more,” Mr Hames said.

“We have seen these auctions grow with more and more cars each week across family vehicles, luxury, electric and also first car buyers.”

In March this year, Lloyds auctioned off second-hand Teslas for thousands more than their original price, including a 2022 Tesla Model 3 sold for $73,000, above its retail price of $68,000.

A 2022 Toyota HiLux SR up for auction on July 4.

Mr Hames said two models, a 2022 Toyota Landcruiser GXL and a 2022 Toyota HiLux SR with only delivery kilometres on the clock, were tipped to be hot property at the auction.

“We believe we will see a similar trend in results,” he said.

“These two models have waiting periods of over 12 months each but now bidders have the opportunity to own them now.”

Brisbane’s City Motor Auction Group general manager Matt Stubberfield said prices had spiked about 15-20 per cent across the board and online auction attendance up about 25 per cent.

Mr Stubberfield said the demand had slowly been ticking over for the past two years.

He said buyers were out bidding each other and sending prices skyward.

“We have also noticed that newer models have got less in them than certain models sold the previous year,” Mr Stubberfield said.

“You don’t get the latest extras. This year’s Land Rover Discovery for example has no reverse camera, so there’s been a big impact.

“And some don’t have the latest extras or you’ll have to wait another six months. So buyers are opting out.”

The Landcruiser retails for just about $75,000 and the HiLux between $24,000 and $70,000 depending on the model.

A 2022 Chevrolet Stingray C8 3LT Corvette up for auction on July 4.

“Being just under a week out from the auction, bids are approaching their retail prices and we have eager bidders who are wanting them now,” he said.

“People are selling their vehicles as they may have purchased them a while ago and have bought something else in the meantime due to the long wait times. A lot of people also switched to electric cars due to the fuel price hike and are deciding to keep their electric cars over their combustion engine cars.”

Some of the other models on offer are a 2008 Audi R8, 2021 Mitsubishi Triton, 2021 BMW and 2017 Ford GT Mustang.

Originally published as Buyers tipped to create feeding frenzy as 220 cars go under hammer at Lloyds Auction