The number of Australians intending to buy a new car in the next four years is 1,840,000. This is down on the September 2009 figure of 1,964,000.
Source: Roy Morgan Single Source (Australia); January 2002 October 2009
Base: Australians aged 14+ n=434,611 (average monthly sample n=4,624)
The Reserve Bank of Australia lifted interest rates (up 25 basis points) on October 7th 2009, representing the first increase since March 2008, following a period of aggressive cuts to the official cash rate in an attempt to stimulate the economy.
The October 2009 decline in Long Term New Car Buying Intention, which fell by 124,000 or 6% on September 2009, was greatest among those Paying Off their homes (also down 124,000 or 18%).
|
|
Last Month
(Sep 2009)
|
Latest Month
(October 2009)
|
Change
(volume)
|
Change
(%)
|
|
Number Intending New
Car in Next Four Years
|
|
|
|
|
|
All Australians
|
1,964,000
|
1,840,000
|
-124,000
|
-6%
|
|
Paying Off Home
|
702,000
|
578,000
|
-124,000
|
-18%
|
|
Own Home
|
802,000
|
760,000
|
-42,000
|
-5%
|
|
Rent Home
|
434,000
|
470,000
|
36,000
|
8%
|
|
Other
|
26,000
|
32,000
|
6,000
|
23%
|
|
Excludes Fleet, Government and Rental Buyers
|
|
Base: Intend New Car in Next Four Years (October 2009 n=4,326;
Paying Off Home n=1,148; Own Home n=1,706; Rent n=1,389)
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Norman Morris, Industry Communications Director, Roy Morgan Research, says:
"This is the second consecutive monthly decline in longer term new car buying intention.
“October 2009 was the first month since March 2008 in which The Reserve Bank of Australia lifted the official cash rate.
“It is interesting to note there has been fall in longer term new car buying intention among people Paying Off their homes.
“Next months Leading Indicators release will cover the period of the November 2009 rate rise and should deliver more information on the impact, if any, of further interest rate movement on longer term new car buying intention.
“The Roy Morgan Consumer Confidence Rating in late October 2009 dipped 1.6pts to 125.5, and has since fallen a further 0.7pts to 124.8 last weekend. (November 14/15, 2009)
“The complete Roy Morgan Automotive Leading Indicators Report, which is now available for purchase, delivers detailed coverage of the health of the Australian automotive market.”
Click here to purchase detailed profiles of Intending New Car Buyers or the Roy Morgan Automotive Leading Indicators Report - which provides an understanding of those people who are intending to buy a new vehicle and outlines whether they are going to purchase new or used and which brands and segments they are intending to purchase.
For more details contact:
info@roymorganonlinestore.com