Photo by Spencer Davis on Unsplash
Cashed up buyers are speeding to the dealership, with luxury vehicle sales rising for the seventh consecutive month.
In January 2020, the annual total of luxury vehicle sales rose 0.1% to 88,473 vehicles sold, according to the CommSec Luxury vehicle index which has now risen for seven months.
According to CommSec Chief Economist Craig James, the rise in luxury car sales exactly matches the gains in house prices.
Source: CommSec
"The wealth effect of higher home prices, the cuts in interest rates and the rise in household asset values has allowed top end buyers to update their rides," Mr James said.
Mr James noted there's a chance the continual rise in luxury car sales will translate to the rest of the lagging vehicle market, with new car sales figures underperforming for the better part of the last two years.
"The hope is that the strength at the top end of new vehicle and housing markets will extend to broader strength for new vehicle sales, home sales and home prices," he said.
To gauge luxury car sales, CommSec tracks the sales of Aston Martin, Audi, BMW, Bentley, Ferrari, Hummer, Jaguar, Lamborghini, Lexus, Lotus, McLaren, Maserati, Maybach, Mercedes-Benz, Morgan, Porsche, and Rolls Royce.
According to the figures, many luxury car buyers prefer to purchase quality used vehicles rather than new vehicles. Loans to buy new cars in December were up 6% on a year ago which is the fastest gain in almost three years.
Annual sales of Lexus were at all time highs in the year to January, and sales of Rolls Royce were just shy of reaching record highs.
Looking for a new car? The following car loans have some of the lowest fixed-rates on the market:
Lender | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fixed | New | 1 year | More details | ||||||||||
FEATURED | |||||||||||||
Green Car Loan Fixed | |||||||||||||
Fixed | New, Used | 99 years | More details | ||||||||||
FEATUREDAPPLY ONLINE | Car Loan
| ||||||||||||
Car Loan
| |||||||||||||
Fixed | New | 2 years | More details | ||||||||||
NO ONGOING FEES | New Car Loan
| ||||||||||||
New Car Loan
| |||||||||||||
Fixed | New | 2 years | More details | ||||||||||
QUICK APPLICATION PROCESS WITH NO FEES | New Vehicle Fast Loan Low Rate
| ||||||||||||
New Vehicle Fast Loan Low Rate
|

Base criteria: fixed and secured car loans for 'low emission' cars. Data accurate as at 01 September 2020. Rates based on a loan of $30,000 for a five-year loan term. Products sorted by advertised rate. Repayments are calculated based on advertised rates. *The Comparison rate is based on a $30,000 loan over 5 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 18, 2022. View disclaimer.
Latest Articles
- Wages growth hits 2.4%, will the RBA raise the cash rate in June?
- What is shrinkflation?
- AMP Bank combines with Nano to offer fully-digital home loan process
- Which lenders offer 95% LVR home loans?
- New CommBank-supported app Kit aims to help parents and kids break down money 'taboos'
Latest News
Is it a good idea to buy a car at auction?
May 17, 2022
MG to offer free EV chargers for regional NSW
May 13, 2022
How did Covid affect the car market?
May 11, 2022
WA Government offers $3,500 electric vehicle rebate
May 10, 2022
Be Savings smart.
Subscribe for free money newsletters.
to the Savings Privacy Policy