Magic million for new car sales
Records were broken as Australian new car sales raced past one million with two selling months to go.
Neither rising interest rates nor other cost-of-living pressures have diminished the national appetite for new cars, with industry figures for October revealing Australian customers have taken delivery of over one million new vehicles so far this year.
It’s the first time the magic million sales mark has been reached as early as October and comes on the back of a record-breaking run in which five of the last six months have set new sales records.
October sales figure of 106,809 new vehicles represents an increase of 19,510 or 22.3% against October 2022, pushing the year-to-date tally to 1,006,095 and setting the industry on course for record-breaking annual sales with two months to go.
FCAI Chief Executive Tony Weber said the Australian market has demonstrated incredible strength and vitality throughout 2023.
"After some challenging years through COVID, this milestone speaks to the range of vehicles available to consumers, affirming Australia's position as one of the world's most dynamic and competitive markets,” Mr Weber said.
“It also reflects vastly improved supply chains.”
Car buying made easy
The Ford Ranger ute was Australia’s top-selling vehicle in October, recording 6,215 sales to narrowly edge out its arch-rival the Toyota HiLux (5,766), followed by the Isuzu D-Max (3,198), Toyota RAV4 (2,598) and Toyota LandCruiser (2561).
While the Ranger won the month, the HiLux holds a narrow 779-unit year-to-date lead, so expect the two car makers to ramp up their sales and marketing efforts in the final two months of the year in a bid to claim the coveted best-selling vehicle crown.
Workhorse utes and large SUVs remain a national passion, with 38.3% of sales in October either in light commercial utes, or the large and upper large SUVs vehicle categories.
Conversely, EV sales softened for the first time in many months to represent 5.7% of the market, largely on the back of a softer month for the category-leading Tesla Model Y and Model 3, both of which had significantly fewer sales than in previous months.
The Model Y dropped from being the third best-selling model outright in September with 3,811 sales, to a leaner 810 sales in October, which saw it fall well out of the Top 10.
Sales across every state and territory increased this month compared with October 2022, with Queensland recording a 16.4% lift to record 21,937 sales.
Toyota was the highest-selling marque with 20,298 sales, followed by Mazda (9,316), then Ford (8,605), Hyundai (6,620) and Mitsubishi (6,395).
More articles
Related topics
-
The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.
Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the PDS and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.