VFACTS: EOFY boom doesn’t arrive as new car sales drop in June

Posted on July 3, 2024Comments Off on VFACTS: EOFY boom doesn’t arrive as new car sales drop in June

June has traditionally been a happy hunting ground for new car dealers with the end of financial year (EOFY) rush leading to booming sales, but 2024 barely rates a mention when compared to years gone by.

A total of 119,659 new vehicles were sold in June 2024, making it the most fruitful month of the year so far. It’s been the case every year, though, with this year’s figures only coming in as the sixth-best June result since 2014.

Excluding years heavily impacted by the COVID-19 pandemic, June 2024 only surpassed 2014 and 2019 for EOFY new car sales within the past decade.

Top new car sales months since 2014:

  1. June 2017 – 134,171
  2. June 2018 – 130,300
  3. June 2016 – 128,569
  4. June 2015 – 125,850
  5. June 2023 – 124,926
  6. June 2024 – 119,659

By contrast, 2024 has produced four record months for new car sales in Australia, with January, February, March and May topping previous benchmarks, while every month bar June has shown growth on 2023..

Despite the surging market, June 2024 also fell below the 120,043 new car sales average for June over the previous decade, which includes the pandemic-affected outlier figures from 2020-22.

It could be a sign that the new car market is slowing down, as many expected heading into 2024, as rising cost of living pressures mount on Australian households.

Month Average new vehicle sales (2014-2024)
January 82,377
February 89,724
March 100,773
April 79,839
May 95,704
June 120,043
July 87,298
August 89,869
September 93,871
October 89,783
November 95,227
December 93,029

Despite this, the 632,412 new vehicles reported as sold in Australia is a new mid-year record.

Australia is on track for a record year as a result, with numbers for the first half of the year suggestion an annual tally in excess of 1.25 million sales is possible, well clear of the 1,216,780 bar set in 2023.

MORE: VFACTS June 2024 – Soft finish for record half-year