Luxury car sales hit RECORD highs as drivers splurge on new Aston Martins, Audis and BMWs – because they can’t spend their money on foreign holidays
- Sales of prestige cars hit record highs in June during coronavirus lockdowns
- The CommSec figures show 12,335 luxury cars were sold in June in Australia
- Analysts have said tax write-offs, low interest rates, and travel bans contributed
- The luxury car sales were at the highest level recorded for at least 11 years
Luxury car sales have hit record boom levels thanks to cashed-up consumers being unable to spend their money on international holidays.
Drivers have been snapping up more than a dozen high-end brands, including Aston Martin, Bentley, Maserati and Lamborghini.
The latest luxury vehicle sales index from CommSec reveals that 12,235 prestige cars were sold across Australia in June – with one car dealer saying he had seen his busiest month ever.
This number is double the amount of sales in May and is the highest recorded for at least 11 years, bouncing back from a low set early on during the coronavirus lockdowns in April.
Luxury car dealer Stefanos Ouzas added that being unable to take international holidays has contributed to the rise in customers (stock image)
The sales figures cover 17 high-end brands including BMW (pictured) and Aston Martin, as well as Hummer and McLaren
The data covers sales figures for 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 Melbourne’s east, told the Australian Financial Review that June was the busiest month his business has ever had.
‘Because you can’t go overseas, people have saved $15,000 or $20,000 they would have otherwise spent on a European trip or to nick off to Asia for a couple of weeks,’ Stefanos Ouzas said.
‘They’ve got some money sitting around and you can’t do much else with $10,000 or $15,000.’
‘Instead of waiting till next year to get rid of the car, they’re taking advantage of the tax write-off and buying something new now.’
Various models of the Aston Martin Vantage (pictured) retail between $200, 000-$300,000
Australians have been banned for going abroad for all but essential reasons since March 20, when the international border closed to help stop the spread of coronavirus.
Commsec also attributes the surge in sales to record low interest rates, meaning consumers have more money, combined with end of financial year deals, and instant asset write-off tax rules.
But luxury car dealer Stefanos Ouzas added that being unable to take international holidays has also contributed to the rise in customers.
Prestige cars now represent 15.9 per cent of total sales of new passenger vehicles and SUVs in Australia.
One other trend worth noting is that luxury vehicles have continued 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 (a record high)
Luxury vehicle sales hit record highs across Australia in June 2020 after 11-year lows
LUXURY CAR BRANDS THAT HIT RECORD SALES IN JUNE:
Mercedes-Benz with 4,437 cars sold
BMW with 3,307 cars purchased
Lexus with 1,560 vehicles sold
THE LUXURY CAR BRANDS THAT WERE 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