VFACTS: New Car Sales Insights January 2024

Read our monthly update on VFACTS new car sales results.

New Car Sales

  • January 2024 saw a total figure of 89,782 new car sales for Australia as reported by VFACTS.
  • Figures show new car sales were up +6% in January 2024 versus January 2023.
  • Sales between states were largely up with WA seeing a 25% increase compared to January 2023.
  • PHEV vehicle sales skyrocketed in January 2024, seeing a cumulative increase of 124%.
  • Petrol vehicles (-6%) sales decreased in January 2024.

New Car Sales Trends

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

  • Toyota Camry (+820 units)
  • Subaru Crosstrek (+810 units)
  • Toyota Corolla (+773 units)
  • Hyundai Kona (+747 units)
  • Kia Cerato (+714 units)

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

  • Tesla Model 3 (-2,204 units)
  • Mazda CX-3 (-893 units)
  • Subaru XV (-792 units)
  • MG HS (-544 units)
  • Kia Rio (-499 units)

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

  • Vans/CC <= 2.5t (+182%)
  • Medium < $60K (+169%)
  • People Movers > $70K (+71%)
  • SUV Upper Large < $120K (+65%)
  • Light > $30K (+63%)

Conversely, some of the largest decreases are:

  • Large < $70K (-90%)
  • Upper Large > $100K (-77%)
  • Medium > $60K (-60%)
  • Light Buses => 20 Seats (-55%)
  • Micro (-38%)

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 4,686 units compared to 2023
  • Sales of imported vehicles from China have made a strong showing in January 2024 with an increase of 416 units compared to 2023
  • Sales of imported vehicles from Spain seeing the largest decrease of 542 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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