Shift in Australian vehicle preferences
New Roy Morgan research findings highlight the evolving preferences of Australian consumers’ vehicle purchases.
This trend signals a changing landscape in the automotive industry:
- Over the next four years, more than 4.3 million Australians plan to buy a new vehicle
- A significant shift has emerged in the intention to purchase hybrid or fully electric vehicles, surpassing petrol cars
- Interest in petrol vehicles, although still the leading choice for new car purchases at 39%, has decreased by 81,000 compared to the previous year.
In 2023, the automotive industry saw record-breaking sales, with Australians considering the purchase of a new vehicle in the coming years. The most notable increase in interest lies in hybrid vehicles, with 1,273,000 Australians (30% of new car intenders) planning to purchase one, marking a rise of 154,000 from the previous year.
Fully electric cars also gained traction, with 607,000 Australians intending to purchase an electric vehicle, up by 37,000 from the previous year.
Conversely, diesel cars are experiencing a decline in popularity, with only 498,000 Australians intending to purchase one in the next four years, down by 130,000 from the previous year, representing 12% of new car intenders.
The shifting trends towards hybrid and electric vehicles suggest that it’s essential for consumers to stay informed about the evolving automotive market.
As part of your due diligence when exploring the benefits of vehicle models and how they align with your needs and preferences, talk with the team at Allan Hall for financing advice and about the tax and FBT implications of owning electric or hybrid models.