More than 1m new vehicles have now been sold in 2023

Australians continue to buy new vehicles in record numbers, according to the latest data from the Federal Chamber of Automotive Industries (FCAI). A total of 106,809 new vehicles were sold in October, marking the fifth time in six months that a record for that particular month was set. Every state and territory recorded higher sales in October than the year before:

• Victoria = up 32.0% to 30,740 sales.
• New South Wales = up 22.8% to 33,001.
• Tasmania = up 20.8% to 1,996.
• South Australia = up 20.0% to 6,677.
• ACT = up 18.9% to 1,552.
• Queensland = up 16.4% to 21,937.
• Western Australia = up 12.3% to 10,166.
• Northern Territory = up 1.9% to 740.

The strong October result took 2023 sales above 1 million – the first time this milestone had been reached by October. FCAI Chief Executive Tony Weber said there was strong demand for a wide array of vehicles across various price brackets. “After some challenging years through COVID, this milestone speaks to the range of vehicles available to consumers, affirming Australia's position as one of the world's most dynamic and competitive markets. It also reflects vastly improved supply chains,” he said. Broker v dealer finance If you want to buy a new vehicle, doing your research before taking out finance could save you thousands. Car dealers often work with one lender, however I work with a diverse range of lenders, which means I can really compare the market on your behalf.