VFACTS: New Car Sales Insights July 2024

Read our monthly update on VFACTS new car sales results.

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• Weekly Market Update 16th September 2024September 16, 2024
• VFACTS: New Car Sales Insights August 2024September 12, 2024
• Weekly Market Update 9th September 2024September 9, 2024
• VFACTS: New Car Sales Insights July 2024September 6, 2024

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New Car Sales

• July 2024 saw a total figure of 99,486 new car sales for Australia as reported by VFACTS.
• Figures show new car sales were up +3% in July 2024 versus July 2023.
• Sales between states were largely up with SA seeing a 10% increase compared to July 2023.
• PHEV sales skyrocketed in July 2024, seeing a cumulative increase of 135%.
• Petrol vehicles (-8%) sales decreased in July 2024.

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New Car Sales Trends

The top 5 models with the greatest increases so far in 2024 are:

• Toyota RAV4 (+15,065 units)
• Toyota Camry (+7,582 units)
• Ford Ranger 4X4 (+6,782 units)
• Kia Cerato (+6,706 units)
• Ford Everest (+6,541 units)

The bottom 5 models with the greatest decreases so far in 2024 are:

• Hyundai i30 (-5,901 units)
• Toyota Prado (-5,361 units)
• Tesla Model Y (-4,816 units)
• MG ZS (-3,807 units)
• Kia Rio (-3,588 units)

The top segment increases so far in 2024 compared to 2023 are:

• Medium < $60K (+161%)
• People Movers > $70K (+90%)
• Light > $30K (+50%)
• Sports > $80K (+41%)
• Vans/CC <= 2.5t (+36%)

Conversely, some of the largest decreases are:

• Large < $70K (-92%)
• Sports < $80K (-58%)
• Upper Large > $100K (-42%)
• Light < $30K (-30%)
• Light Buses = 20 Seats (-27%)

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 43,626 units compared to 2023
• Sales of imported vehicles from Thailand have made a strong showing in July 2024 with an increase of 21,370 units compared to 2023
• Sales of imported vehicles from Spain seeing the largest decrease of 5,546 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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