Car repossessions in Australia increased by 13% due to cost-of-living pressures and falling used car prices.

Car repossessions in Australia have risen by 13% in the past six months, according to Pickles, due to cost-of-living pressures and falling used car prices. This has hindered vehicle owners' ability to refinance their depreciating assets. Used car sales also increased by 34% year-on-year, with used electric vehicles seeing a 91% rise in the second quarter of 2024, representing a 246% year-on-year growth.