March 2020 experienced a 17.9% drop in new car sales, based on the same time in 2019, and represents the 24th consecutive month of declines.
Yet car auction site Pickles has experienced a doubling in used car sales since the start of the year, and a 91.6% jump in purchases in the last two weeks of March.
A large reason for this is because of the discounts on offer, according to Pickles' general manager of motor vehicles Brendon Green.
“We’ve seen trends within the business that show significant savings for our buyers," he said.
"Currently, used cars are being sold at a discounted rate of approximately 10% to 20% across well-known brands such as Toyota, Subaru, Mazda, Nissan, Kia, and Ford.
“This is an opportune time for those who have been thinking of purchasing a used car to make the jump to secure some significant savings."
This discounted rate falls in line with what Auto Expert's John Cadogan says buyers should demand off the top of new cars when negotiating with a dealership.
Despite closing on-site inspections to the public, Pickles is still conducting virtual auctions and supplying detailed vehicle condition reports, and suggests motorists can save between 10% and 30% by buying at auction.
Editor of PerformanceDrive Brett Davis told Savings.com.au that used cars are an increasingly attractive proposition for buyers.
"While the local new car market is down by 13.1% in the first three months of this year, showing more consumers are reluctant to make a new purchase, now could be a good time to buy a used vehicle," he said.
"Used vehicles don't require such a big outlay, even in the premium and performance sectors, yet the product can be quite similar to a new product if the year model is recent
"It's quite a nervous market as well and there will be some owners interested in a quick sale."
Davis' PerformanceDrive YouTube channel, which reviews luxury and performance cars, has more than 100,000 subscribers.