Long-term new car buying intentions have hit a record high in August, with an estimated 2,438,000 Australians looking to buy a new car in the next four years, a massive increase of 128,000 since July. These results are from the Roy Morgan Single Source survey of over 50,000 interviews annually.
But this four-year horizon for car buying hasn’t translated into more immediate purchase plans, with fewer Australians intending to get a new car within the next year. An estimated 661,000 Australians intend to buy a new car in the next 12 months, down by 10,000 from last month but remaining well above the average since June 2002 of 619,000.
New Car Buying Intentions:
Source: Roy Morgan Single Source (Australia): April 2002 – August 2013, n=633,048 (avg. quarterly sample n = 13,597).
Jordan Pakes, Group Account Director – Automotive, Roy Morgan Research, says:
“Confident consumers are more likely to buy new cars. Consumer Confidence peaked at 120.9 points in the final weekend of August, with a positive long-term economic outlook driving much of the growth."
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Roy Morgan Research
Roy Morgan Research is Australia’s best known and longest established market research and public opinion survey company. Roy Morgan Single Source is thorough, accurate, and provides comprehensive, directly applicable information about current and future customers. It is unique in that it directs all the questions to each individual from a base survey sample of around 55,000 interviews in Australia and 15,000 interviews in New Zealand annually - the largest Single Source databases in the world. The questions asked relate to lifestyle and attitudes, media consumption habits (including TV, radio, newspapers, magazines, cinema, catalogues, pay TV and the Internet), brand and product usage, purchase intentions, retail visitations, service provider preferences, financial information and recreation and leisure activities. This lead product is supported by a nationally networked, consultancy-orientated market research capability.
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