Car registrations
Car registrations fall sharply as consumers tighten spending
1 Jul 2024
Our take on the latest Car registrations (Mon 1 Jul 2024)
New car registrations down 45%pa in June 2024 quarter
Used car registrations down 26%pa in June 2024 quarter
Full battery electric vehicle registrations down 75%pa in June 2024 quarter
The key numbers...
- There were 19,454 new car registrations in the June 2024 quarter, a 45%pa decline, falling for the fourth consecutive quarter. This annual decline is the largest on record (data back to 1976), including the pandemic periods. The result has been heavily influenced by the sharp decline in EV registrations following the end of the Clean Car Discount (CCD).
- There were 25,116 used car registrations in the June 2024 quarter, a 26%pa decline following four consecutive quarters of growth. This annual decline is the largest since March 2023.
- BEV registrations were 75% lower in the June 2024 quarter compared to a year earlier. Despite the large annual decline, BEV registrations have stabilised in the June quarter, edging up 8.3% from the March quarter after plunging 87% from the December 2023 quarter following the rush to receive the CCD.
- PHEV registrations also mostly stabilised after a 78% decline in the March 2024 quarter, edging down just 3.2% in the June quarter. Non-plug-in hybrids followed a similar trend, with a 32% decline in the March quarter followed by a 5.3% fall in the June quarter.
- Total car registrations fell 36%pa in the June 2024 quarter.
New & used car registrations fall sharply
Quarterly car registrations, annual % change
...and our reaction
- The sharp drop in registrations in the March quarter was expected with the removal of the CCD, as many rushed to take advantage of the financial incentives by purchasing an EV before the end of December 2023. Although the after-effects of the removal of the CCD were expected to continue into the June quarter, the drop has proven to be larger than anticipated.
- The sharp decline in total car registrations in the June quarter was driven by a weaker economy, where households are shying away from big-ticket purchases like vehicles.
- Although the removal of the CCD is the primary driver of continued subdued EV registration figures, the introduction of road user charges for electric and hybrid vehicles in April has also reduced the financial incentive to purchase these vehicles.
- We expect the recent weakness in registrations to continue throughout the second half of the year with household budgets remaining tight and businesses reluctant to invest or renew their fleet. Interest rates are also set to remain higher for longer, with our forecast of the first official cash rate cut pushed out from November 2024 until February 2025.
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