VFACTS: New Car Sales Insights March 2024

Read our monthly update on VFACTS new car sales results.

New Car Sales

  • March 2024 saw a total figure of 109,647 new car sales for Australia as reported by VFACTS.
  • Figures show new car sales were up +13% in March 2024 versus March 2023.
  • Sales between states were largely up with VIC seeing a 20% increase compared to March 2023.
  • PHEV vehicle sales skyrocketed in March 2024, seeing a cumulative increase of 134%.
  • Petrol vehicles (-2%) sales decreased in March 2024.

New Car Sales Trends

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

  • Toyota RAV4 (+4,273 units)
  • Tesla Model Y (+3,666 units)
  • Toyota Camry (+3,122 units)
  • Subaru Crosstrek (+3,113 units)
  • Toyota Corolla (+3,085 units)

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

  • Toyota Hilux 4X2 (-1,682 units)
  • MG MG3 (-1,508 units)
  • Kia Rio (-1,439 units)
  • Mazda CX-9 (-1,392 units)
  • MG HS (-1,391 units)

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

  • Medium < $60K (+183%)
  • People Movers > $70K (+92%)
  • Light > $30K (+86%)
  • Vans/CC <= 2.5t (+78%)
  • Sports > $200K (+77%)

Conversely, some of the largest decreases are:

  • Large < $70K (-90%)
  • Light Buses => 20 Seats (-65%)
  • Upper Large > $100K (-47%)
  • Sports < $80K (-45%)
  • People Movers < $70K (-42%)

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 20,407 units compared to 2023
  • Sales of imported vehicles from China have made a strong showing in March 2024 with an increase of 7,263 units compared to 2023
  • Sales of imported vehicles from Spain seeing the largest decrease of 1,960 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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