More Australians seeking a new car in 2014

With the Federal Chamber of Automotive Industries (FCAI) recently reporting that car sales reached a record high in 2013, it may be worth looking into how the new car market will fare this year.

Roy Morgan Research did just that, and its findings indicate that it is likely to be another busy year ahead for the automotive industry.

After measuring Australians' intentions on buying new cars in the foreseeable future, Roy Morgan Research found that well over 2 million Australians intend to buy a new car within the next four years. That is 4.8 per cent more car buyers than in December 2012, suggesting it is highly likely we'll see more motorists on our roads as a result.

Additionally, a total of 647,000 Australians stated they were looking to buy a new car within one year.

Jordan Pakes, automotive group account director at Roy Morgan Research, said that while much of last year's growth in car sales came from the private market, heavy commercial vehicles was the only other sector in Australia that didn't see a drop in sales - perhaps indicating that everyone from the everyday consumer to the fleet manager is in the market for new cars.

According to Mr Pakes, economic factors such as low and stable interest rates mean that "marginal growth looks likely" for the local automobile market.

"However, there are also some factors working against the market," he warned in a January 20 statement.

"These include ever-increasing petrol prices, rising unemployment, and softening consumer and business confidence. Furthermore, the lower Aussie dollar makes it more expensive for brands to import cars and, as a result, harder for them to offer 'cash' equivalent incentives and deals."

Share