The motor vehicle industry in Australia has experienced significant changes in the past few years, through inflation, shortage of vehicles, and the disruption of the COVID-19 pandemic. As a leading finance and insurance company, Credit One understands how important it is to stay informed about trends in the motor vehicle market. Whether you’re planning to finance your next car or just dipping a toe into the market, it’s worth understanding what’s going on with car ownership in Australia.
This article will dive into the latest car ownership trends and statistics relevant to Australia. As a comprehensive resource with 21 key statistics relevant for 2023, this article is an ideal reference point for those seeking reliable and up-to-date information on the motor vehicle industry in Australia.
Trends & Changes to Ownership Since the 2021 Motor Vehicle Census
One of the key insights we, and the motor industry, look at is motor vehicle ownership data. Every five years, the Australian Bureau of Statistics conducts the national census, collecting data from households all over the country.
However, in the two years since the 2021 Motor Vehicle Census, there have been several notable changes to car ownership in Australia that are worth highlighting. The statistics we’ve compiled in this article will fill in the gaps from the last major motor vehicle survey and help you stay informed about car ownership in 2023.
Table of Contents
- Electric Vehicle Statistics in Australia for 2023
- Car Ownership Statistics by State for 2023
- The Cost of Car Ownership in Australia in 2023
21 Car Ownership Statistics Australians Should Care About in 2023
1. The highest-selling new vehicle is the 3rd generation Ford Ranger.
Ford’s new flagship model took the number one sales spot, making 4,473 sales in February 2023. It also took the number one spot the previous month, selling 4,749 units in January. In 2022, it moved 47,479 sales. That’s impressive, considering the new model launched in mid-2022, so only had half a year to make an impression. In comparison, the highest-selling car that year, the Toyota HiLux (which had the whole year to make sales), sold 64,391 units.
2. Toyota is (still) the most popular brand by far, having sold 231,050 cars in 2022.
The Toyota HiLux has topped the Australian sales charts for seven years and was yet again the top-selling car of 2022 and still looks strong going into 2023. But although the Ford Ranger has the potential to take over as the top-selling vehicle in 2023, Toyota is still Australia’s favourite brand of car, based on raw stats from the last seven years and the dominance of the Toyota HiLux.
3: Ford’s sale volume is up 46.3% from last year.
Thanks mainly to its beloved 3rd-gen Ranger model, Ford is in a prime spot to rise to the top of the charts in 2023, as its sale volume is up 46.3 per cent from last year as of January 2023.
4. The Tesla Model 3 sold 2,671 units in February 2023 and 2,927 in January.
Electric vehicle sales were only recently recorded, but for the Tesla Model 3 to take the 3rd sales spot in both February and January 2023 is impressive considering the competition it faces and considering it was released back in 2017. It’s still the top-selling electric vehicle in Australia this year, even after the release of the newer Tesla Model Y in June 2022.
5. The fastest-growing vehicle segment is electric vehicles.
In 2016, the top segments by market share were small cars, SUVs, utes, and light cars. The Toyota HiLux and Ford Ranger led the boom of Aussie utes (in particular 4x4s), which have continued to dominate the Australian motor vehicle market over the last seven years. But over 2022, sales for new electric vehicles surged by 65%. While they still only make up under 4% of the total motor vehicles in Australia, their recent rapid growth is undeniable.
Used Vehicle Statistics in Australia for 2023
6. The average cost for used cars was over $39,000 last year.
That’s an enormous increase from the $27,000 recorded in 2020, just two years prior. This increase is mainly due to the massive disruption of the COVID-19 pandemic, which caused a national shortage of motor vehicles.
7. Used car prices have decreased by 2.1% since 2022.
Used car prices are expected to drop further this year after a period of abnormally high prices. January 2023 was the first year-on-year decline in used cars since May 2020. Prices skyrocketed during the pandemic but are expected to gradually fall back down to earth soon.
8. Experts predict a further 10% reduction in used car prices in 2023.
While this is an optimistic prediction, used car prices will still be far above pre-pandemic prices. As manufacturers replenish their supplies of new vehicles, many more new cars are becoming available, so they should be able to meet the high demand and take the heat off used car prices.
9. The most consistently popular used car is the Toyota Corolla.
Safe, reliable, and fuel-efficient, used Toyota Corollas often sell for over $20,000. For comparison, new Toyota Corollas will sell for over $28,000 in 2023.
Electric Vehicle Statistics in Australia for 2023
10. The number of electric vehicles in Australia nearly doubled in 2022 and 2023.
It was 23,000 in 2021, 44,000 at the beginning of 2022, and now it’s over 83,000. Of those, nearly 20,000 are Tesla models. In 2023, the number of electric vehicles in Australia is expected to top 100,000 easily.
11. 3.8% of all new vehicle sales in 2022 were electric vehicles.
This figure represents new vehicle sales in Australia at large. In the ACT, nearly 10% of new cars bought were electric. In NSW and Victoria, it was 4%. The territory with the lowest percentage of electric vehicle sales was the Northern Territory.
12. 10 years ago, the market share of EVs was only 0.02%.
In 2021, it had risen to 1.57%. Now, it’s more than 3.8% and is only expected to grow. So, in less than two years, the market share of electric vehicles nearly doubled the growth from the previous ten years. It will be interesting to monitor the continued growth rate going into the next decade of electric vehicle developments.
13. Tesla Model 3 sold 10,877 units in 2022.
It was the most bought electric vehicle and continues to sell strongly in 2023. Its companion, Tesla Model Y, sold 8,717 units. The Tesla Model 3 is also the first ever battery-powered vehicle to take a position in the top 3 new car sales.
Car Ownership Statistics by State for 2023
14. The average transaction cost for a new car in NSW is $54,451.
This was an increase of 28.4% from 2018, when it was $42,381. NSW currently has the highest average price of car. This title was previously taken by Western Australia in 2022, at an average price of $45,068.
15. NSW had 5,892,206 motor vehicle registrations in 2021.
This was the highest number of motor vehicles registered in any other state. The runner-up was Victoria, with 5,157,17 registered vehicles. Next was Queensland, then Western Australia, South Australia, Tasmania, ACT, and lastly, Northern Territory.
16. NSW, QLD, and VIC account for 76% of all motor vehicles in Australia.
With the highest populations, this is an expected statistic. However, it’s interesting to note that the most significant increase from 2020-2021 in vehicle registration came from QLD, SA, and ACT, each increasing by 2.3% in the 2021 census.
17. There were 20.14 million registered motor vehicles in Australia in 2021 and 20.68 million in 2022.
That statistic has steadily risen over the past three decades. In 1990, there were only 10.08 million vehicles registered. In 2000, it was 12.37 million. In 2010, 16.06 million. Decade by decade, the number has risen significantly, and it’s only expected to continue to rise through the 2020s as the population grows and more and more people purchase cars.
The Cost of Car Ownership in Australia in 2023
18. On average, Australians spend $1,302 a year on car insurance.
Car insurance costs vary greatly depending on age, gender, state, parking, car colour, vehicle age, brand, and make, but overall, insurance costs are well up from five years ago. The car insurance industry’s total market size is $24.9 billion in 2023. It grew on average by 0.8% per year between 2018 and 2023, and it’s expected to decline slightly in 2023.
19. The average price for unleaded petrol last year was $1.76 per litre.
In 2002, two decades early, this was 87.3 cents per litre. In June 2022, the cost of unleaded petrol hit an all-time high of $2.20 per litre. Unfortunately, petrol prices remain unpredictable for Australians in 2023. Global events heavily affect the cost of oil, and petrol prices are out of the hands of gas stations.
20. The most expensive new car in Australia is the Rolls-Royce Phantom, at $1,067,400.
Meanwhile, the most successful luxury brand by sales is Audi, with 1,680 sales, followed closely by Mercedes-Benz and BMW.
21. The average transaction price of a new car increased by 42.5% over the last decade.
Ten years ago, it was $35,200 nationwide. Now, it’s $50,161. That’s a considerable increase. To consider this, let’s take a look at one of Australia’s most popular cars (making up a large portion of the used car market, in fact); In 2016, the cheapest Toyota Corolla was just under $20,000. In 2023, it’s just over $28,000. The Subaru WRX also rose from $38,990 to $44,990 over the past six years.
The Future of Car Ownership in Australia
The uptake in electric vehicle purchases from 2021 to 2022 proves that electric vehicles have a future in Australia, which seems especially bright in 2023. Meanwhile, 4´4s and SUVs continue to enjoy the heights of popularity among Aussies.
As we look to the rest of 2023, we can expect some exciting new car models, such as the Volkswagen Amarok, the new Ford Mustang, and the Toyota GR Corolla. Many of the new models were long delayed due to a lack of supplies among manufacturers, and many also come with increasingly high costs.
But if you’re stressing about the ever-rising costs of car ownership, not to worry. Used cars are expected to grow more affordable over 2023; a lack of supply drove the growth and intense competition in the second-hand market. Now that car manufacturers are getting back up to speed again, Australia can expect a decrease in used car prices and an abundance of new vehicles.
Whether you’re an industry professional or just looking to buy your first car, it’s important to understand car ownership trends for Australia in 2023, so you may make informed decisions in the motor vehicle market.
If you need help financing your car or are considering taking out a car loan, contact our friendly car loan team at Credit One; we have years of experience in the Australian car market and will be more than happy to help you.
If you’re looking to buy a used car in 2023, browse thousands of listings throughout Australia on Only Cars.
