VFACTS: New Car Sales Insights March 2024

Read our monthly update on VFACTS new car sales results.

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• Weekly Market Update 7th October 2024October 7, 2024
• VFACTS: New Car Sales Insights September 2024October 4, 2024
• Monthly Truck & Equipment Update August 2024October 4, 2024
• Weekly Market Update 30th September 2024September 30, 2024

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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.

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New Car Sales Trends

The top 5 models with the greatest increases so far in 2024 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 2024 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 2024 compared to 2023 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:

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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 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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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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