No, you didn’t read the headline wrong…Luxury car sales figures have increased since Covid-19 in Australia!
We only seem to be hearing news about businesses shutting down, a recession and increasing debt levels. But it appears that some have recovered better than others from Covid-19.
Comsec Economic Insights track luxury car sales figures ever month. The recent trends are fascinating. The data tracks the sale numbers of popular luxury vehicle models including Aston Martin, Audi, BMW, Bentley, Ferrari, Hummer, Jaguar, Lamborghini, Lexus, Lotus, McLaren, Maserati, Maybach, Mercedes-Benz, Morgan, Porsche and Rolls Royce.
The data shows that in the peak of lockdown (April 2020) sales of luxury vehicles were at an 11 year low. Only 3,804 were sold throughout the month. This was on trend with sales of all new vehicles Australia wide.
As of June 2020, the car market has started to recover. Sales of new cars have increased, but they are still down 6.4% from June 2019. The top end of town has done even better.
The data shows that in June 2020, 12,235 luxury vehicles were sold. This number is impressive and It’s the highest number of luxury vehicles sold in a single month since January 2009.
Why the rise in luxury car sales figures?
There could be several factors that have to lead the recent spike in luxury vehicle sales. As we all know, June is tax season and buyers might be taking advantage of the instant asset write off scheme, mix this in with “End of financial year” sales and you might get a good deal. The timing was also consistent with lockdown restrictions easing, low-interest rates and increasing share prices. So, is it time to go car shopping?