VFACTS: New Car Sales Insights February 2024

Read our monthly update on VFACTS new car sales results.

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.

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:

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

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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Tanim Ahmed

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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