Short and Long Term New Car Buying Intention Climbs
Monday January 18, 2010
According to recent market research, it is predicted that 589,000 Australians intend to buy a new car in the next 12 months returning close to the September 2009 figure of 592,000. This follows a decline in October 2009 where results reported 519,000.
The latest figures from Roy Morgan Research measure the Automotive Leading Indicators for November 2009 and found that the number of Australians intending to buy a new car in the next four years is 2,016,000. This is up on the low October 2009 figure of 1,840,000, and ahead of the September figure of 1,964,000. All figures are excluding Fleet, Government and Rental Buyers.
Norman Morris, Industry Communications Director of Roy Morgan Research, stated that the results provide an optimistic future for the car sales, and inversely car loan, industries for the year ahead, staying further in line with the improving national economy.
"These figures represent a healthy increase in both short and longer term new car buying intention and coincide with the strong new car sales figures recorded in November.
"The volume markets of Victoria and New Sales Wales each recorded strong gains in new car buying intention." Mr Morris stated in a release commenting on the figures.
"At brand level, intention to buy a new Toyota in the next twelve months was at its highest point since August 2008 and intention to buy a new Toyota in the next four years was at the highest level since February 2009 - both positive indicators for a brand that has recently struggled to maintain earlier growth.
"On the back of last month's decline, it's also positive to note that short and longer term new car buying intention have both lifted among those with mortgages (who account for around 39% of the private new car market), showing they have not been deterred by consecutive increases in interest rates by the Reserve Bank of Australia.
Share This