Read our monthly update on car supply movements into Australia.
- Weekly Market Update 27th November 2023
- Protected: Weekly Market Update 20th November 2023
- VFACTS: New Car Sales Insights October 2023
- Weekly Market Update 13th November 2023
New Car Sales July 2020
- July 2020 saw a total figure of 72,505 new car sales for Australia as reported by VFACTS
- Latest VFACTS figures show that new car sales have fallen by 13% in July 2020 compared to July 2019
- The strong bounce back in new car sales in June has tapered off as EOFY sales and instant asset write-off incentives fell away
- So far in 2020, the market has seen 122,730 less new car sales compared to 2019
- In total, the new car market in 2020 is down 19% compared to 2019, which is a slight improvement from last month when it was down 20%
- Car Imports are down once again in June 2020, recording a figure of $1.64 billion according to latest ABS figures
- This represents a decline of $1.3 billion compared to June 2019
- The cumulative total for 2020 shows imports are now down $4.6 billion compared to 2019
- Stock supply entering Australia is significantly down which will affect new car sales activity for the coming months
International Car Exports
The latest government figures show the following changes in car export volume from the large car manufacturing nations:
- South Korea is down 27% so far through June 2020 compared to 2019
- Japan is down 33% so far through June 2020 compared to 2019
- The United Kingdom is down 35% so far through May 2020 compared to 2019
- Germany is down 35% so far through May 2020 compared to 2019
- The United States is down 33% so far through June 2020 compared to 2019
With car production and exports from international markets still significantly low, imports into Australia are likely to remain subdued for sometime.
New car sales in large international markets are also still low and with Australia further down the priority chain for car manufacturers, it’s likely that new car supply into Australia will struggle for the next few months.
By Tanim Ahmed, Head of Product at Datium Insights
Tanim is a Macquarie University alumni with degrees in Finance and Economics. He has spent a decade in the Leasing and Finance industry, specializing in Residual Value risk.
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