Weekly Dealer Car Enquiries: November 21, 2021

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

After last week’s significant jump in new car enquiries, there was a modest pull-back in dealer connections in the week ending Sunday, November 21. In total, there were 1,775 expressions of interest made via the PriceMyCar platform in relation to new cars, which represents a week-on-week decline of 5.1%.

Encouragingly, new data last week showed some positive momentum for wage growth, even if it is below where some analysts and the Reserve Bank of Australia would like it to be. Nonetheless, private sector wages accelerated from 1.9% growth in Q2 to 2.4% in Q3, which continues a trend that has been in place for several quarters now. 

These numbers will provide a good foundation to gauge the level of discretionary spending consumers might have available to them over the coming months. Since we are now back at pre-pandemic levels, that bodes well for money to flow into discretionary spending, including new cars. 

New car interest by brand

Kia, Ford and Isuzu withstood the decline in dealer connections over recent days, with each of these brands recording a similar level of interest as that in the week prior. Each of these names have been a regular sight atop the charts of the most sought-after brands, largely owing to their value proposition, and in the case of Kia and Isuzu, sharp pricing. 

The major spike in Mazda and Mitsubishi numbers from the week prior proved to be a short-lived affair, with volatility striking these brands more than any other across the new car market.

Price-conscious consumers weren’t the only shoppers about, however, with Porsche recording a handful of queries, Tesla also seeing some interest, while BMW and Mercedes-Benz both gained ground despite the broader pull-back.

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