One major indicator of positive economic performance is the purchase of new cars. People who feel comfortable economically buy new cars, businesses who think that the economy is going well will buy new assets like cars.
New car registrations are the highest they have ever been, a clear vote of confidence in the economy.
A total of 14,709 new vehicles were registered during the month of October, which has smashed all previous monthly records, the Motor Industry Association (MIA) has reported. Registration data goes back to 1975.
MIA president John Manley says that not only is it the highest October figure on record but the highest month of any, shattering the previous record of 13,983 vehicles registered during July 1984.
“It is also the first time that more than 14,000 new vehicles were registered in a month,” he said.
Registrations of 14,709 new vehicles were up 16% on October 2015 and are 9605 units (8.6%) ahead year to date compared to this time last year.
For the month of October there were 10,795 passenger and SUV vehicle registrations and 3914 commercial vehicle registrations.
Toyota was the overall market leader for the month of October, at 22% market share (3287 units), with Holden second on 13% (1866 units) and Ford third with 11% (1624 units).
Toyota stayed the passenger car and SUV market leader for the month, while Ford retained the commercial vehicle market title.
The Toyota Corolla was the top-selling passenger model for October with 11% market share, while the Ford Ranger was again the top-selling commercial model for October with 20% market share.
So, the previous monthly record was in July 1984, it has taken 32 years to beat that record.
Things are looking up.