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
New car enquiries rose for the second week running, however, the increase last week was relatively subdued, with the total number of dealer connections growing by just 4.4%.
Inbound queries for new cars reached 1,297 in the seven-day period ending May 1, 2022. In the corresponding week last year, there were 2,166 dealer connections across the PriceMyCar platform, indicating the new car market is still facing a long road to recovery amid the numerous macro headwinds and supply chain constraints damping the industry’s recovery.
Cost of living pressure continues to be one of the most pressing issues for households, with consumer sentiment taking a beating as inflation races higher. Last week’s quarterly inflation reading defied expectations and came in significantly ahead of forecasts, with prices growing 5.1% during the first quarter of the year. That has sparked growing worries among consumers, and the RBA has since lifted interest rates for the first time in over a decade, perhaps proving some of those concerns correct.
New car interest by brand
It didn’t take long for Mazda to recover from its recent blip, with interest in the brand spiking by nearly one-third week-on-week. The Japanese auto-maker has a suite of popular family cars that are entrenched in the bestsellers charts, so it comes as no surprise to see numbers fare well even when the broader market is feeling the squeeze.
Nissan and Subaru were the other major movers last week, both having a strong week with new car enquiries growing by nearly 60% and 53% respectively. Gains across these three names largely erased a slight pull-back across popular brands like Kia, Ford, Hyundai and Mitsubishi.
Across the board, there were a total of 42 different makes of car commanding the attention of local new car buyers. Of these brands, however, the top five represented 47% of all inbound enquiries received through the PriceMyCar platform.
|
Prospective New Car Buyer Numbers |
Apr 25 – May 1 |
Apr 18 – Apr 24 |
% Change in Enquiries |
|
177 |
179 |
-1.1% |
|
|
155 |
118 |
31.4% |
|
|
99 |
102 |
-2.9% |
|
|
95 |
102 |
-6.9% |
|
|
83 |
52 |
59.6% |
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