Savvy’ has published its research into automotive consumer sentiment and broader financial landscape of Australians.
- Total registered motor vehicles reached 21.2 million by 31-Jan, 2023 – a 2.3% increase
- Toyota is the leading manufacturer of passenger vehicles for the 18th consecutive year
- Petrol-powered cars are 68.7% of registered motor vehicles, while diesel-powered are 28.3%
- EVs and BEV number surged significantly, compared to January 2022
Hybrid electric vehicles (HEVs) saw approx. 362,700 units registered by Jan 2023: a 31% annual rise
What is the total value of new car loans in Australia?
According to the lending indicators from the Australian Bureau of Statistics (ABS), the monthly value of new fixed-term loan commitments taken out to purchase a road vehicle totalled over $15.6 billion across 2023.
The lowest value across any month that year was $1.154 billion, recorded in January, while the peak was reached in October at $1.433 billion. This peak was the highest monthly value ever recorded by the ABS for fixed-term vehicle loans, ahead of the $1.355 billion seen in March 2016. August ($1.416 billion), September ($1.413 billion) and November ($1.368 billion) of 2023 all also passed this benchmark.
In terms of overall value, 2023 registered the greatest annual total on record, comfortably beating out the previous best of just over $15 billion from 2016. This number increased by upwards of $1.5 billion compared to 2022 (approx. $14.1 billion) and was as low as around $12.3 billion as recently as 2020 during the pandemic.
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%.
What are the average car loan repayments around Australia and by city?
The average Australian living in a capital city spends $190.23 per week and $9,892 per year on their car loan, as revealed by Australian Automobile Association (AAA) data from Q4 2023.
These numbers climbed significantly compared to those recorded in Q4 2022, which sat at $155.93 per week and $8,108 per year. This means that the cost of car loans for those living in our capital cities has increased by 22% over the 12 months leading up to Q4 2023.
In terms of cities, Perth was at the top of the list for car loan costs with $10,020 per year being spent per household, which was followed by Sydney ($9,937) and Melbourne ($9,913). Brisbane households spent the least on their car loans at $9,818, which beat out Hobart ($9,835) and Darwin ($9,845).
The figures recorded for regional centres were almost identical, with the weekly and monthly averages in Q4 2023 sitting at $190.19 and $9,890, respectively.
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 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.
You can read the full report here.