Curtesy of Adrian Edlington – PR & Communications Manager Savy
Interested in buying a new car? Perhaps you’re looking to sell? One of the major indicators of consumer sentiment around automotive buying and selling are car loan commitments and new car sales. If you are in the market for a car – or looking to sell, using car loan statistics can be a guide to when the market is flat or heating up for sellers. A greater volume of new car loans or fixed term personal loans for vehicles may indicate increased consumer confidence and demand. According to the Australian Bureau of Statistics, fixed loan commitments for vehicle purchases jumped sharply between April 2023 and May 2023, remaining relatively stable through to December. The End of Financial Year and End of Year “runout” sales usually contribute to a greater volume of loan applications due to consumers looking for bargains.  The Australian Automobile Association says that the average car loan repayment per week was $188.87 in capital cities and $188.84 in regional centres.  

• New Car Sales Australia
  According to the Federal Chamber of Automotive Industries, Australia’s peak body for the broader vehicle industry, January 2024 saw total new vehicle sales hit 89,782, an increase of 5.8% over the same period last year (January 2023). Sports Utility Vehicles (SUVs) remained the most popular class of passenger vehicle, accounting for 55.5% of sales. Light Commercial sales stood at 22.9%. Other passenger vehicles comprised 18.3% of sales.  Hybrid and plug-in hybrid electric vehicles made up 17.4% of sales with battery powered EVs coming in at 5.4%.
• New Car Sales per State and Territory
  Compared to the same period last year, sales in Western Australia increased by 25.4%; Queensland was up 5.4%; South Australia by 3.7%; Victoria by 6.3% and NSW by 1.2%. Northern Territory recorded an increase of 11.6% while sales in the ACT decreased by 7.5%, and Tasmania also recorded a decrease of 1.1%.
• Used Car Statistics in Australia
  The average price for a used car in Australia during 2022 was $37,000 – a $10,000 increase over 2020 due to rising interest rates, stretched supply chains, and general headline inflation. January 2023 saw a 2.1% dip in prices – the first ease in prices since record highs during May 2020. Economists predict a further 10% easing in prices during 2023-2024 as the economy rebounds, supply chains are restored, and stability returns to the marketplace.
• Electric Vehicle Statistics in Australia
  According to the Electric Vehicle Council, 46,624 electric vehicles (EVs) were sold in Australia the year to date June 2023 – more than all EVs sold in the entirety of 2022. 8.4% of new cars sold are EVs (June 2023), a 121% increase over 2022. 30% of all electric vehicles sold were manufactured by Tesla. There are over 148 variants and 91 models of EVs available in Australia for purchase, which include 32 PHEVs and 59 Batter EVs. There are 22 Electric buses available, 12 different electric trucks, and 42 models of electric motorcycles and scooters. The EVC estimates there are approximately 130,000 EVs on Australian roads, comprised of 109,000 BEVs and 21,000 PHEVs.Around Australia, there are 967 high-power public chargers in 558 locations around Australia. There are 438 fast charger (24-99kW) locations and 120 ultra-fast charger (100kW+) locations, a 57% increase over 2022.

• Key Car Statistics in Australia
  According to the Australian Bureau of Statistics Transport Census (June 2022) 91.3% of households reported they had at least one registered vehicle and 55.1% said they had more than two. This means 673,969 Australian households do not own at least one car. 52.7% of Australians drove their cars or vehicles to work, making them the most popular conveyance in each State and Territory. This excludes motorbikes, motor scooters, and heavy vehicles. The average age of an Australian car is approximately 9.9 years of age. Tasmanians hold on to their cars the longest (12.6 years) while Northern Territorians change their cars the most often (9.1 years.)
• How Much do Cars Cost to Run in Australia?
  According to a 2022 survey conducted by the RACV, all-terrain vehicles had an average annual cost of $24,580.74 to run, while light cars such as sub-compact or hatchback vehicles were the cheapest at an average annual cost of $10,285.92. This includes loan repayments (average), registration, fuel, servicing, and tyres. Electric vehicles loan component was the largest contributor to running costs. For a direct comparison on fuel costs, the Hyundai Ioniq5 2WD only required $84.63 in “fuel” costs per month, while the equivalent Internal Combustion Engine vehicle (ICE), the Hyundai Kona 2.0L 2WD CVT model consumed $148.57 in fuel per month.

• According to the Australian Automobile Association, 16.3% of Australians income is spent on
  transport costs per week (Q3 2023), a 0.5% increase since Q2 2023. This represents $22,462 spent on transport per year. The average cost per household per week is $466.57 or 16.9% of income in capital cities, and $392.39 or 15.7% of income in regional centres. The average spent on insurance per week was $42.67 in capital cities and $35.02 in regional centres. Capital city toll expenses averaged to $67.87, with Sydney weighing in at the top of the table at $83.02.
• Registration Costs Per State
  However, some states split registration costs into two portions: the CTP (Compulsory Third Party
  insurance, or green slip) and the vehicle registration component. In NSW, QLD, and SA, one may buy
  CTP insurance from a market-based provider. As such, CTP costs may vary depending on the age and
  class of your vehicle. Each state has their own methods of calculating yearly (or periodic) registration costs. While NT charges based on engine size regardless of the number of cylinders in the car, WA and NSW charge
  registration based on weight, Queensland and Tasmania charge depending on cylinders.

• Road Fatalities in Australia
  According to the Australian Road Deaths Database, part of the Bureau of Infrastructure and Transport Research (BITRE) there were 1,266 road deaths for the last 12 months to December 2023. The ACT saw a 77.8% decrease in road fatalities over 2022, followed by the NT with a 34% decrease and Tasmania with 33% decrease. Western Australia had a 9.7% decrease; QLD a 6.7% decrease. Victoria saw a 22.5% increase over the previous year; NSW road fatalities increased by 24.9%, and South Australian road fatalities spiked by almost two thirds (64.8%). The demographic with the highest proportion of road fatalities was the 40 to 64s, with 387 deaths, followed by the 26 to 39s at 281 and the 17 to 25s at 244
  
• How Many Registered Cars in Australia?
   On January 31, 2023, the total number of registered motor vehicles reached 21.2 million, marking a rise of about 2.3 percent compared to the preceding year. Additionally, an estimated 4.7 million units of caravans, trailers, and various equipment types such as construction vehicles and all-terrain vehicles were registered, not included in the aforementioned total. The number of registered battery and fuel-cell electric vehicles (BEVs and FCEVs) surged to approximately 79,700 units, reflecting a remarkable increase of over 100 percent compared to January 2022. Within this segment, battery and fuel-cell electric passenger cars comprised 72,248 units, accounting for roughly 0.5 percent of all registered passenger vehicles in 2023, marking a significant 114 percent surge from the previous year. Hybrid electric vehicles (HEVs) also experienced a notable uptick, with approximately 362,700 units registered by January 31, 2023, reflecting a 31 percent rise compared to January 2022. Of these, hybrid electric passenger vehicles numbered 361,580, representing about 2.4 percent of all registered passenger vehicles.
• Age of Vehicles in Australia
  The average age of vehicles across Australia witnessed a slight increase from approximately 11.0 years in 2022 to around 11.3 years in 2023, with passenger vehicles showing a similar trend from around 10.8 years in 2022 to 11.0 years in 2023. Rigid trucks saw a 4.3 percent increase in registrations, totalling approximately 574,600 units by January 31, 2023, while articulated trucks experienced a 4.1 percent rise, reaching around 120,300 units. The number of registered caravans climbed by approximately 5.3 percent to 765,150 units by January 31, 2023, compared to the end of January 2022. Likewise, registered trailers saw a rise of about 1.8 percent, totalling approximately 3.61 million units by January 31, 2023, compared to the end of January 2022.