Australian car sales soar to record high in cashed-in sign Aussies not worried about rate hikes
- Australian car sales reach record high for July
- Created despite 12 rate hikes in a year
Australians with money are still buying cars and sales in July rose to a record high for that time of year despite a series of interest rate hikes.
New data from the Federal Chamber of Automotive Industries showed that 96,859 vehicles left the showroom last month.
This represented a 14.7 percent increase from 2022, surpassing the previous July record of 92,754 set in 2017.
This has happened despite the Reserve Bank raising rates 12 times since May 2022, but leaving them at an 11-year high of 4.1 percent in July.
Industry group CEO Tony Weber said global supply restrictions caused by the pandemic had finally eased.
“For the past 12 months, the problem has been one of securing supplies for consumers, but as these pressures ease, we are starting to see a return to more stable market conditions,” he said.
The Ford Ranger was Australia’s best-selling car in July, beating the aging Toyota HiLux for a fourth time in 2023.
Wealthy Australians are still buying cars and sales in July rose to a record high for that time of year despite a string of interest rate hikes (pictured best-selling Ford Ranger ute)
The MG ZS and all-electric Tesla Model Y took third and fourth place, with total sales of Chinese-built cars up 130 percent from a year ago and EVs holding a seven percent market share.
The Toyota Prado was the tenth best-selling car with sales up 75.4 percent in a year, despite being in run-out mode for a shape that’s been around since 2009.
An all-new fifth-generation model was unveiled this week.
The Toyota Corolla and Hyundai i30 were the only passenger cars in the top 10, with a market share of just 17.7 percent for passenger cars.
SUVs form a clear majority, accounting for 58.9 percent of all sales.
But three-quarters of SUVs fall into the small, medium and light categories, with the Toyota RAV4 the fifth most popular model.
Australia’s seventh most popular vehicle, the Toyota LandCruiser is a rare best-seller with a large four-wheel drive system.
In another twist, those looking for a used car are increasingly interested in something pink, with Barbie starring Australian actress Margot Robbie and Ryan Gosling now in cinemas.
Two Chinese-built cars, the MG ZS and the all-electric Tesla Model Y (pictured), took third and fourth place, with total sales of Chinese-built cars up 130 percent from a year ago and EVs up 100 percent. seven percent market share
Pink car sales rose 36.68 percent in July, with potential buyers particularly interested in small hatches, including the Toyota Yaris, Fiat 500 and Mitsubishi Mirage.
Turning to the economy, Mr Weber said it was too early to announce that a sustained upswing was underway.
“Many of these vehicles were ordered several months ago, so it’s important to monitor broader economic conditions through 2023 and their impact on consumer and business demand,” he said.