Luxury car sales reached RECORD highs as drivers spend their new Aston Martins, Audis and BMWs – because they can’t spend their money on overseas vacations
- Sales of prestigious cars reached record highs in June during the coronavirus locks
- The CommSec figures show that 12,335 luxury cars were sold in Australia in June
- Analysts have said that tax depreciation, low interest rates and travel bans contributed
- Luxury car sales were at their highest level for at least 11 years
Luxury car sales have reached a record high because debt collection consumers are unable to spend their money on international holidays.
Drivers have picked up over a dozen high-end brands, including Aston Martin, Bentley, Maserati and Lamborghini.
CommSec’s latest luxury vehicle sales index reveals that 12,235 prestigious cars were sold across Australia in June – with a car dealer saying it had been its busiest month ever.
This number is double the number of sales in May and is the highest recorded for at least 11 years, returning from an early low during Coronavirus locks in April.
Luxury car dealer Stefanos Ouzas added that inability to take international vacations contributed to customer growth (stock image)
Sales included 17 high-end brands including BMW (pictured) and Aston Martin, as well as Hummer and McLaren
The data pertains to sales of 17 high-end brands including Aston-Martin, Audi, Ferrari, BMW, Ferrari, Bentley, Jaguar, Lamborghini, Lexus, McLaren, Hummer, Maserati, Mercedes-Benz and Rolls-Royce and Porsche.
The director of Max Ouzas Prestige Cars, in the east of Melbourne, told it Australian Financial Review that June was the busiest month his company has ever had.
“Since you can’t go abroad, people have saved $ 15,000 or $ 20,000 that they would otherwise have spent on a European trip or going to Asia for a few weeks,” said Stefanos Ouzas.
“There is some money around and there is not much you can do with $ 10,000 or $ 15,000.”
“Instead of waiting until next year to get rid of the car, they take advantage of the tax write-off and buy something new now.”
Several models of the Aston Martin Vantage (pictured) sell between $ 200,000 and $ 300,000
Australians have been banned from traveling abroad for essential reasons since March 20, when the international border closed to stop the spread of the coronavirus.
Commsec attributes the increase in sales to low interest rates, meaning consumers have more money, coupled with year-end deals and immediate tax rules for asset depreciation.
However, Mr. Ouzas added that he believed that not being able to take international holidays also contributed to the increase in the number of customers.
Prestigious car sales have steadily increased and now represent 15.9 percent of total new passenger car and SUV sales in Australia.
Another trend worth noting is that luxury vehicles continue to increase their market share (pictured, a BMW garage)
AUSTRALIAN LUXURY CAR SALES
APRIL 2020 – 3,807 luxury cars sold (the lowest number in 11 years)
MAY 2020 – 6,065 luxury vehicles sold
JUNE 2020 – 12,235 luxury cars sold (record high)
Luxury vehicle sales reached record highs in Australia in June 2020 after an 11-year low
LUXURY CAR BRANDS STORIES IN JUNE:
Mercedes-Benz with 4,437 cars sold
BMW with 3,307 cars bought
Lexus with 1,560 vehicles sold
THE LUXURY CAR BRANDS INCLUDED IN THE FIGURES:
Aston Martin, Audi, BMW, Bentley, Ferrari, Hummer, Jaguar, Lamborghini, Lexus, Lotus, McLaren, Maserati, Maybach, Mercedes-Benz, Morgan, Porsche and Rolls Royce