Monday, October 28th, 2013

The average budget for Australians intending to buy a new car in the next four years is around $35,000. SUV segments command the highest price levels, with those buyers planning to spend over $9,000 more than those after a regular passenger vehicle.

There are more than 2.3 million Australians in the market for a new car in the next four years. By volume across the main VFACTS segments, Australian consumers are budgeting a collective $13 billion dollars on small cars (<$40K) in the next four years. Despite costing around $10,000 less each, the national small car expenditure exceeds that to be spent on medium (<$60K) and large (<$70K) passenger cars combined.

The second largest overall outlay is expected to be on large SUVs (<$70K). Budgeting an average $41,170 apiece, Australians plan to cough up $10 billion on the biggest available SUVs by 2017.

Price Intention by major VFACTS segments – New Car Intenders (next four years)

Source: Roy Morgan Single Source (Aust.): September 2012–August 2013, New Car Intenders (next 4 years) n= 5,812. Total averages include VFACTS segments not included in chart.

Jordan Pakes, Group Account Director – Automotive, Roy Morgan Research, says:

“In 2012, there were more new cars sold in Australia per capita than in any other market in the world. Despite a marginal decline in new vehicles sales in September, sales for the first nine months in 2013 are up by 3.3% and look on track to eclipse the 2012 record of more than 1.1 million sales.

“With the average private buyer looking to spend around $35K on their next new car and with private sales accounting for just over half of all new car sales annually, this equates to around $19 billion annually or approximately 1.3% of Australia’s annual GDP.

“According to Roy Morgan’s new psychographic classification system Helix Personas, when it comes to those Aussies looking to spend more than $40K on their next new car, just over 33% belong to the more affluent Leading Lifestylecommunity. Not surprisingly, the European brands are high on the consideration list for this group – with 27% having BMW, Audi, Mercedes-Benz or Volkswagen on their shopping list.”

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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.
Shaun Ellis
P: 03 9224 5332


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