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Last week saw new car enquiries continue to ease in the lead up to the holiday season. In total, there were just 1,025 dealer connections in the week ending Sunday, December 11, 2022.
While normally a busy time of the year for dealerships across the country, it appears as though new car buyers are acting somewhat cautiously given the difficulties in securing a bargain at this time amid a stock shortage across the market.
The latest move by the Reserve Bank of Australia to lift interest rates represents another headwind for consumers to deal with. Following its December Board meeting, the official cash rate now sits at 3.1%, up 25 basis points compared with last month.
Despite a small improvement, consumer sentiment remains deep in pessimistic territory given the sudden surge in interest rates. In the latest reading, consumer sentiment rose 3% to 80.3 points, albeit that increase is based on a two-and-a-half year low. Business confidence has also turned negative for the first time since a year ago, further weighing on new car buying interest.
Last week saw new car enquiries continue to ease in the lead up to the holiday season. In total, there were just 1,025 dealer connections in the week ending Sunday, December 11, 2022.
While normally a busy time of the year for dealerships across the country, it appears as though new car buyers are acting somewhat cautiously given the difficulties in securing a bargain at this time amid a stock shortage across the market.
The latest move by the Reserve Bank of Australia to lift interest rates represents another headwind for consumers to deal with. Following its December Board meeting, the official cash rate now sits at 3.1%, up 25 basis points compared with last month.
Despite a small improvement, consumer sentiment remains deep in pessimistic territory given the sudden surge in interest rates. In the latest reading, consumer sentiment rose 3% to 80.3 points, albeit that increase is based on a two-and-a-half year low. Business confidence has also turned negative for the first time since a year ago, further weighing on new car buying interest.
