New data from Verimoto has confirmed the sustained rebound of the second-hand asset market, with the figures continuing to steadily rise from their trough in April.
From finding a bottom four months ago, second-hand asset financing verification requests have increased by 158% overall, growing by 9% over August alone.
Buyers submit the verification requests through Verimoto’s automated second-hand asset verification smartphone app to verify an asset, its location and the identity of the vendor in order to request financing from a lender.
The group expects the upward trajectory of the second-hand asset market to hold as businesses and individual Australian seek value for money during the economic uncertainty around COVID-19.
August also marked the fourth straight month of growth for used cars, while demand for new cars has posted a two-month decline following its peak in June as people rushed to secure end-of-financial year deals. However, over the month, used car financing verifications grew by just 4% as compared to 46% in July.
Additionally, the data showed demand for every other type of vehicle also grew over August.
Campervan verification requests grew by a third (33%), as they experienced their second month of growth. Motorcycles and trailers also experienced two months of strong growth, following verifications hitting their lowest levels in June. Boats are also on the increase again, following two months of decline.
In further good news, after declining in July following the instant asset write off deadline, commercial second-hand asset verifications are bouncing back, growing by 40% over the last month and nearing the highs of June.
Plant and commercial equipment also saw a 45% increase in verifications, following the decline in July, while trucks grew by 44% in August following a 4% decline the month before.