In the shorter term, an estimated 721,000 Australians intend to buy a new car in the next 12 months an improvement of 15,000 vehicles since the April 2012 figure of 706,000 and remains well above the long-term average2
New Car Buying Intention
Source: Roy Morgan Single Source (Australia): April 2002 – May 2012, n=570,145 (average quarterly sample n = 13,680). 1Long Term Average = Four year new car buying intention, April 2002 – May 2012. 2Long Term Average = One year new car buying intention, April 2002 – May 2012.
Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“With the major supply issues many manufactures faced in 2011 now behind them, new vehicle sales hit a record high in May of 96,069 vehicles. In line with this record sales result, new car buying intention has also improved, suggesting a strong outcome in 2012 continues to look likely.
“One factor potentially driving these strong results was the RBA’s May 2nd decision to cut the cash rate by 0.5 percentage points. This interest rate cut combined with a further reduction in June is good news for the one million plus people in the market for a new car who are currently paying off a mortgage but the impact will depend on the extent to which banks pass these rate cuts on to their customers.
“Of the mainstream brands Hyundai & Subaru continue to improve, with each brand posting their strongest buying intention result for 2012. BMW also continues its strong start to the year, with more than 4% of new car intenders currently after a BMW, well clear of their nearest rival Mercedes-Benz on 2.3%. This is a significant achievement for BMW, as it is the first time a luxury brand has commanded more than 4% of new car buying intentions.
“The complete Roy Morgan Automotive Leading Indicators Report delivers detailed coverage of the health of the Australian automotive market.”
Purchase the latest detailed Roy Morgan Leading Indicators – Car Buying Intention Reports, which covers intentions to purchase new vehicles, by VFACT segment and Brand. Brands are reported individually within three distinct groups; Local Manufacturers (Toyota, Holden and Ford), Mid Volume Importers (Mazda, Mitsubishi, Honda, Nissan, Subaru, Volkswagen and Hyundai) and Luxury Brands (BMW, Mercedes Benz, Audi and Lexus).
For more details contact:
Purchase from our extensive range of detailed new car intender profiles by make, model and segment covering brands like Honda, BMW, Holden, Mazda, Ford, Mercedes-Benz, Subaru, Mitsubishi, Nissan and Volkswagen.
Click here to browse thousands of accurate, insightful quantitative Roy Morgan research reports and profiles ready to download now.