Weekly Dealer Car Enquiries: June 12, 2022

In this series, which we aim to bring to you every week, we’ll be detailing some of the key numbers and trends that we’re seeing in terms of dealer connections made through our site.

As this data is considered somewhat representative of broader industry activity, and serves as one of the more insightful leading indicators for potential car sales, we hope it will fulfil a few purposes for our broad audience. First, to document not just how we’re performing as a business, but how dealers and the wider market stand to perform, so you don’t have to wait til that next set of official sales data.

Without further ado, here’s what happened over the last week.

Total new car enquiries

There was a modest pull-back for new car enquiries made via the PriceMyCar platform last week, with 1,536 queries recorded in the week ending Sunday, June 12. Compared with the week prior, when there were 1,749 dealer connections, the drop was 12.2% week-on-week.

By far the biggest factor influencing new car searches last week was the shock move by the Reserve Bank of Australia to lift interest rates by 50 basis points. Although an increase was expected far and wide, it was the magnitude of the rate hike that caught many off guard. Most observers anticipated a 25 or 40 basis point hike, so the move indicates greater concern on the part of the central bank.

It also puts upcoming meetings into focus, with growing expectations the July and August Board meetings could also result in 50 basis point hikes. Rising interest rates are naturally an impediment for households with finance outstanding to deal with. Higher repayments mean there is less disposable income for other purchases, while higher rates also have the potential to dampen credit applications.

New car interest by brand

Ford, Mitsubishi, and Hyundai had a positive week, maintaining a consistent level of interest as the week prior despite a broader fall in sentiment across the market. 

On the other hand, favourites Kia and Mazda saw a few nerves take over, with new car enquiries for both brands easing off their recent highs. It wasn’t enough to sink their status as the nation’s two most sought-after makes of cars.

Volkswagen and Isuzu both also had a disappointing week, effectively wiping out recent gains. 

Finally, across 39 brands, and a total of 1,536 dealer connections, the top five brands still managed to increase their portion of all new car buying activity. They represented 53.5% of all leads last week, up from 51.3% a fortnight ago.

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