Sales of new vehicles rev up in May, marking two months of growth
May's growth outpaces April's, with a 0.6% increase in car sales.
The Australian Bureau of Statistics (ABS) today released its national new car sales figures for May 2017. Australian car sales have continued to rise in May, the second month of growth after a five-month slump.
Broken down by vehicle type, the figures show that sales of passenger vehicles have hardly moved and that the growth is being driven entirely by sports utility and other vehicles:
- Sales of sports utility vehicles increased by 0.7%.
- Sales of other vehicles grew by 1.5%.
Australians bought 39,629 sports utility vehicles in May, which was more than the total number of new passenger cars (38,842).
When looking at the figures by state and territory, the Northern Territory continues to see the largest upward movement. In May, the Australian Capital Territory saw the only decline in car sales:
- Car sales in the NT increased by 1.3% (on a trend basis).
- Car sales in the ACT declined by 0.7% (on a trend basis).
April marked the first time this year that new car sales rose after five months of decline, which finished in March.
It seems that many Australians are buying and selling used cars. If you need help getting the best deal when selling your old car, have a read of some of our tips for car sellers. If you're looking to buy a new car and need more information, we've got you covered too. And if you need finance to buy a used car, make sure you compare loan options.