Amid global supply chain issues impacting the production of vehicles, Money.com.au commissioned a survey of an independent panel of 1018 Australians to determine the level of demand for new cars by 2024. Respondents were also asked if they were willing to wait for a new car, or would rather compromise by buying a second-hand car.
The pool of survey respondents matches the age and geographical spread of the Australian population.
Money.com.au asked Australians whether they would buy a car before 2024 if there were no production delays and therefore no car shortages.
Across the States what proportion of Aussies would be buying a car in the next 18 months:
Response | NSW (%) | VIC (%) | QLD (%) | SA (%) | WA (%) | ACT (%) |
---|---|---|---|---|---|---|
Yes | 53 | 52 | 52 | 44 | 41 | 50 |
No | 47 | 48 | 49 | 56 | 59 | 50 |
A higher proportion of younger Australians were more likely to buy a car in the next 18 months if supply chain issues weren’t a factor.
Money.com.au sought to discover how long Australians were willing to wait for a new car before turning to the used-car market.
Respondents were asked whether they would buy a used car if the wait list for a new one was more than three months, six months or a year. Or were they willing to wait for as long as possible for a new vehicle?
Note used car loan interest rates for used cars are generally higher, meaning there is potentially additional finance cost for consumers who can't wait for a new car to arrive.
South Australians are more likely to prioritise a new car and wait as long as necessary:
In comparison:
Response | NSW (%) | VIC (%) | QLD (%) | SA (%) | WA (%) | ACT (%) |
---|---|---|---|---|---|---|
Yes, if the waitlist was more than 3 months | 30 | 24 | 28 | 34 | 34 | 33 |
Yes, if the waitlist was more than 6 months | 29 | 26 | 28 | 21 | 34 | 25 |
Yes, if the waitlist was more than 1 year. | 11 | 17 | 12 | 8 | 7 | 8 |
No, I would wait as long as necessary for the new car I want. | 31 | 33 | 32 | 37 | 24 | 33 |
Older Australians are also more likely to prioritise a new car despite long wait times – by a significant margin.
Most Australians use finance, with a car loan being the most common option.
However, with the recent fringe benefits tax (FBT) legislation change for electric cars, more Australian employees are choosing a novated lease.
Business owners tend to use business car loans or a chattel mortgage.