Australia’s new car market is highly competitive with some 67 brands selling over 350 models. Coupled with strong car affordability, competitive pricing and continuous improvements in technology and design, there has never been a better time for Australians to buy a new motor vehicle.
The most recent CommSec Car Affordability Index shows that car affordability in Australia is the best it has been in 40 years, since the Index began. We believe many consumers are seeing this, and this shows with Australians purchasing over 1.1 million new cars in 2014, for only the third year ever. And when we look at the strength of new car sales in the first quarter of 2015, we expect new car sales to again exceed 1.1 million
Supporting the competitive nature of the new car market in Australia, in 2014, the FCAI undertook benchmark research into car pricing in Australia and in comparable right-hand drive markets. The research showed that for the majority of new cars, prices were competitive if not cheaper than in comparable markets.