VFACTS: New Car Sales Insights February 2024

Read our monthly update on VFACTS new car sales results.

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• Weekly Market Update 22nd April 2024April 22, 2024
• Weekly Market Update 15th April 2024April 15, 2024
• Weekly Market Update 8th April 2024April 8, 2024
• VFACTS: New Car Sales Insights March 2024April 4, 2024

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New Car Sales

• February 2024 saw a total figure of 105,023 new car sales for Australia as reported by VFACTS.
• Figures show new car sales were up +21% in February 2024 versus February 2023.
• Sales between states were largely up with WA seeing a 20% increase compared to February 2023.
• PHEV vehicle sales skyrocketed in February 2024, seeing a cumulative increase of 126%.
• Petrol vehicles (-1%) sales decreased in February 2024.

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New Car Sales Trends

The top 5 models with the greatest increases so far in 2023 are:

• Subaru Crosstrek (+2,064 units)
• Toyota Corolla (+2,054 units)
• Toyota Camry (+1,980 units)
• Nissan X-Trail (+1,828 units)
• Toyota Hilux 4X4 (+1,444 units)

The bottom 5 models with the greatest decreases so far in 2023 are:

• Mazda CX-5 (-1,427 units)
• Tesla Model 3 (-1,282 units)
• Subaru XV (-1,160 units)
• MG MG3 (-1,059 units)
• Kia Carnival (-1,050 units)

The top segment increases so far in 2023 compared to 2022 are:

• Medium < $60K (+200%)
• Vans/CC <= 2.5t (+119%)
• Light > $30K (+82%)
• People Movers > $70K (+82%)
• SUV Upper Large < $120K (+82%)

Conversely, some of the largest decreases are:

• Large < $70K (-90%)
• Light Buses => 20 Seats (-69%)
• Upper Large > $100K (-61%)
• People Movers < $70K (-47%)
• Light < $30K (-41%)

Please note that VFACTS has made some changes to the price groupings as shown in the table below:

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VFACTS Grouping 2024	VFACTS Grouping 2023
SUV Large < $80K	SUV Large < $70K
SUV Large > $80K	SUV Large > $70K

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Sales by Import Country

• Sales of imported vehicles from Japan continue to skyrocket with an increase of 12,357 units compared to 2023
• Sales of imported vehicles from China have made a strong showing in February 2024 with an increase of 4,734 units compared to 2023
• Sales of imported vehicles from Spain seeing the largest decrease of 996 units compared to 2023
• Sales of imported European vehicles continue to see declines

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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.

Please contact Datium Insights for further analytical support and advisory services.

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