An estimated 624,000 Australians intend to buy a new car in the next 12 months, an improvement of 40,000 vehicles since the September 2012 figure of 584,000 – and above the long-term average of 616,000.
Local manufacturers look set to benefit, as well as German brands Audi, BMW, Mercedes-Benz and Volkswagen.
Over the longer term, an estimated 2,171,000 Australians are intending to buy a new car in the next 4 years, according to the latest Roy Morgan automotive leading indicators report, based on 50,000 interviews annually.
The latest long term intention figures are stable compared to the September figure of 2,172,000 and remain almost 100,000 units above the long-term average of 2,083,000.
Norman Morris, industry communications director, Roy Morgan Research, says: “With the industry on track to eclipse the record sales benchmark of 1,049,982 vehicles set back in 2007, it looks like the RBA’s October decision to cut the cash rate has had an immediate positive impact on purchase intentions.
“After many months of declining intentions, October was a better result with twelve month intentions moving back up above the long term average. Strong buying intentions over the next quarter suggest that the 2007 record looks increasingly likely to be broken.
“With more than 42% of new car intenders currently paying off their own home, it’s not surprising to see that interest rate reductions have a positive impact on purchase intentions.”
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