will car prices drop in 2023 australia

Short supply finally eased in 2023, interest rates went up, and the used market stopped behaving like a frenzy at the footy canteen. In Australia, used-car asking prices generally cooled through 2023, falling roughly 10–20% from 2022’s peak madness, though still not back to 2019 levels. New-car RRPs mostly held or crept up with inflation, but wait times improved and discounts crept back—especially after headline EV price cuts prompted a few nervous glances across showrooms. Net result: deals became easier to find late in the year, but unicorn bargains remained, well, mythical. If you’re shopping, compare across states and be flexible on colour/trim; the best buys often lurk where demand isn’t.