Good news for car buyers: waiting times have fallen dramatically in the past 12 months.
The average waiting time for a new car in Australia was 65 days in June 2024, according to Price My Car. That compares to 109 days in June 2023 and 155 days in June 2022.
The models with the shortest waiting times in June were:
- Ram 1500 = 14 days.
- Subaru Impreza = 15 days.
- Subaru Forester = 16 days.
- Mazda CX-5 = 19 days.
- Nissan Qashqai = 19 days.
- Hyundai Tucson = 21 days.
- Volkswagen T-ROC = 21 days.
- Mitsubishi Triton = 23 days.
Conversely, the models with the longest waiting times were:
- Toyota Hiace = 278 days.
- Toyota Corolla = 216 days.
- Toyota RAV4 = 176 days.
- Toyota Landcruiser = 168 days.
- Volkswagen Golf = 135 days.
- Hyundai STARIA = 133 days.
- Ford Everest = 127 days.
- Kia EV6 = 120 days.
Purchases of new vehicles up 8.7%
Meanwhile, Australians are snapping up new cars in record numbers.
Motorists bought 632,412 new vehicles during the first six months of 2024, according to the Federal Chamber of Automotive Industries (FCAI). That was 8.7% more than the first half of 2023 and 4.4% more than the previous record half-year in 2018.
FCAI Chief Executive Tony Weber said these numbers were particularly notable given the current economic challenges.
“The end of the financial year has traditionally been strong for vehicle sales and achieving 632,412 sales in just six months is a testament to the resilience of the market,” he said.
Loan first, car second
If you’re thinking about buying a new set of wheels, it is a good idea to organise your finance before you find your dream car, not after.
Your Loan Market broker can compare the market on your behalf and help you get pre-approval for a loan that is right for you, so you’re well-prepared to start car shopping.
