Australian Vehicle Statistics 2024
Key findings:
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The total value of new car loans in Australia is $1.55 billion.
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Average car loan payments per week are $211.87 or a yearly average of $11,017.
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Millennials and Gen Z are most likely to have car loans while Gen X pay more than average for their car loans.
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Western Australia has the most car loan customers with an estimated 19% of residents having cars under finance.
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The most popular car manufacturers in Australia are Toyota, Ford, and Mazda.
Are car loans popular among Australians?
One of the most popular ways to buy a car is through a car loan. In the latest Consumer Sentiment Tracker, a survey of over 11,000 respondents conducted by the financial comparison website Finder found that approximately 12% of Australians currently have car loans or an equivalent of 2.5 million people.
An estimated 19% of respondents have previously taken out a car loan to purchase a vehicle. The demand for car loans has only grown with the latest Lending Indicators from the Australian Bureau of Statistics (ABS) showing a 4.9% increase in personal loans for vehicles.
Overall, July 2024 data shows that the total value of new car loans is $1.55 billion which is an increase from July 2023’s $1.32 billion. More and more Australians are taking out car finance when buying their vehicles recovering from the serious decrease in car loan applications in 2020.
How much are car loan payments in Australia?
The latest Transport Affordability report by the Australian Automobile Association (AAA) puts the national average car loan payments per week at $211.87 or a yearly average of $11,017 which is an $88 increase since the first quarter of 2024.
The report shows car loan payments in all capital cities and regional centres have marginally increased; weekly increases show less than $2 while yearly increases are between $76 to $103.
West Australia has the highest car loan payments while Brisbane has the lowest based on the capital city and regional centre numbers.
Car loan payments in Australian capital cities
Here’s a look at what the car loan payments look like per capital city in the second quarter of 2024:
| Capital City | Weekly Car Loan Payments | Yearly Car Loan Payments |
|---|---|---|
| Perth | $214.87 | $11,173 |
| Melbourne | $212.86 | $11,069 |
| Sydney | $212.83 | $11,067 |
| Canberra | $212.63 | $11,057 |
| Adelaide | $210.63 | $10,953 |
| Hobart | $210.59 | $10,951 |
| Darwin | $210.40 | $10,941 |
| Brisbane | $210.14 | $10,927 |
| Capital Average | $211.87 | $11,017 |
Car loan payments in Australian regional centres
Below are the car loan payments per regional centres in the second quarter of 2024:
| Regional Centres | Weekly Car Loan Payments | Yearly Car Loan Payments |
|---|---|---|
| Bunbury | $214.87 | $11,173 |
| Geelong | $212.86 | $11,069 |
| Wagga Wagga | $212.83 | $11,067 |
| Mount Gambier | $210.63 | $10,953 |
| Launceston | $210.59 | $10,951 |
| Alice Springs | $210.40 | $10,941 |
| Townsville | $210.14 | $10,927 |
| Regional Average | $211.76 | $11,012 |
The car loan payments of capital cities and regional centres are comparable with both having very similar figures. This would suggest that regardless of location, the car loan amount does not change significantly and is consistent across Australia.
What are the car loan options in Australia?
Borrowers can apply for either a fixed rate car loan or variable rate car loan. A fixed rate car loan is a type of finance where the interest rate and repayment amount stay the same throughout the life of the loan. On the other hand, a variable rate car loan has changing interest rates meaning your repayments may change throughout your loan term.
There are also car loans for those who want to buy a new car, a used car, or an electric car. Finding a good car loan is vital to minimise costs and ensure the car loan fits your financial situation. If you want to learn more about your car loan options, get in touch with the loan specialists at loans.com.au.
Who’s taking out car loans in Australia?
According to the Consumer Sentiment Tracker, Australians spend an estimated average of $12,346 on their car loans. Breaking down the age group per borrower, the data shows that Millennials and Gen Z are most likely to have a car loan at 23% and 26% respectively. This means approximately a quarter of Millennials and Gen Z are paying off car loans.
It’s interesting to note that Gen X has the lowest likelihood of having a car loan at only 7%, however, they carry the most debt ($13,915) on average. It may have to do with the price of the vehicles they’re purchasing and the type of car loans they have.
When it comes to location, Western Australia has the most car loan customers with an estimated 19% of residents having cars under finance. The summary of car loan borrowers per state is as follows:
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Western Australia – 19%
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New South Wales – 17%
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Victoria – 12 %
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Queensland – 11 %
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South Australia – 9%
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Tasmania – 14%
Although the findings from Finder’s Consumer Sentiment Tracker do not include all states and territories in Australia, they provide an interesting insight into car loan borrowing behaviours.
How much does owning a car cost?
Car loan payments make up the biggest portion of vehicle ownership costs. That's why finding the right car finance is vital. Other car-related costs include fuel, registration, licensing, insurance, and maintenance. Before buying a car, it’s important to consider these expenses. Below are figures from the latest AAA Transport Affordability report.
| Capital City | Fuel | Registration | Insurance | Servicing | Roadside Assist |
|---|---|---|---|---|---|
| Perth | $4,976 | $1,907 | $1,623 | $1,959 | $119 |
| Melbourne | $5,261 | $1,798 | $3,407 | $1,934 | $129 |
| Sydney | $5,364 | $1,996 | $2,658 | $1,911 | $129 |
| Canberra | $5,347 | $2,163 | $2,189 | $2,453 | $129 |
| Adelaide | $5,004 | $1,434 | $2,447 | $1,572 | $119 |
| Hobart | $5,224 | $1,251 | $1,646 | $1,796 | $132 |
| Darwin | $5,041 | $1,700 | $2,634 | $1,899 | $110 |
| Brisbane | $5,387 | $1,666 | $3,173 | $1,571 | $116 |
| Capital Average | $5,201 | $1,739 | $2,472 | $1,887 | $123 |
Fuel costs have risen for all capital cities except for Adelaide where it has decreased by $15. Meanwhile, registration, CTP, and licensing costs have stayed relatively the same since last quarter.
Insurance costs have increased in most cities with Adelaide raising insurance expenses by $348 since last quarter. Darwin, Canberra, and Hobart are the only cities where insurance costs have decreased.
Yearly car ownership costs per regional centre
| Regional Centre | Fuel | Registration | Insurance | Servicing | Roadside Assist |
|---|---|---|---|---|---|
| Bunbury | $6,266 | $1,907 | $1,389 | $2,112 | $119 |
| Geelong | $6,228 | $1,686 | $2,172 | $1,853 | $129 |
| Wagga Wagga | $3,539 | $1,742 | $1,864 | $1,795 | $129 |
| Mount Gambier | $5,682 | $1,201 | $2,233 | $1,579 | $119 |
| Launceston | $6,003 | $1,252 | $1,385 | $1,458 | $132 |
| Alice Springs | $5,721 | $1,700 | $2,653 | $2,092 | $110 |
| Townsville | $4,077 | $1,666 | $2,517 | $1,601 | $116 |
| Regional Average | $5,359 | $1,593 | $2,030 | $1,784 | $122 |
Fuel costs across the regional centres have increased by around $47 to $160 save for Geelong which has decreased fuel costs by $68.
Insurance expenses have increased in almost all regional centres except for Wagga Wagga and Launceston where costs have lowered by $60 and $27 respectively. The biggest change in insurance costs is in Mount Gambier where costs increased by $453 since last quarter.
What are the most popular vehicles in Australia?
According to the June 2024 VFACTS National Report from the Federal Chamber of Automotive Industries, the most popular car manufacturer is Toyota while the most sought-after vehicle is an SUV.
In the tables below, you can see an overview of automobile statistics in Australia:
Top 10 most popular car manufacturers in Australia
| Car Manufacturer | Vehicle Sales in 2023 | Vehicle Sales in 2024 |
|---|---|---|
| Toyota | 92,235 | 121,301 |
| Ford | 38,182 | 49,622 |
| Mazda | 50,424 | 48,547 |
| Kia | 39,160 | 41,300 |
| Mitsubishi | 30,849 | 39,634 |
| Hyundai | 37,707 | 36,082 |
| Isuzu (with Ute) | 27,456 | 32,538 |
| Nissan | 17,278 | 24,916 |
| MG | 26,692 | 24,593 |
| Tesla | 25,577 | 23,116 |
Most popular car types in Australia
| Type of vehicle | Units sold in 2023 | Units sold in 2024 |
|---|---|---|
| SUV | 322,213 | 351,354 |
| Light Commercial | 129,025 | 142,037 |
| Passenger | 103,927 | 113,286 |
| Heavy Commercial | 26,594 | 25,735 |
| Total market | 581,759 | 632,412 |
The most favoured vehicle type is the SUV outselling other car types by almost three times. Overall, the total market for vehicles has increased with more units sold in 2024 compared to the same time last year.
Yearly new vehicle sales per state
New Vehicle Sales by State
| State | New Vehicle Sales in 2023 | New Vehicle Sales in 2024 |
|---|---|---|
| New South Wales | 177,889 | 191,196 |
| Victoria | 153,714 | 171,227 |
| Queensland | 127,960 | 136,473 |
| Western Australia | 60,924 | 66,521 |
| South Australia | 37,676 | 41,664 |
| Tasmania | 9,435 | 10,312 |
| Australian Capital Territory | 9,054 | 9,590 |
| Northern Territory | 5,107 | 5,429 |
| Total | 581,759 | 632,412 |
New South Wales leads the country in most vehicles bought followed closely by Victoria. Overall, there were more than a hundred thousand new vehicle sales this year compared to the same time in 2023 which corresponds to the uptick of new car loans.
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As Australia's leading online lender, loans.com.au has been helping people into their dream homes and cars for more than 10 years. Our content is written and reviewed by experienced financial experts. The information we provide is general in nature and does not take into account your personal objectives or needs. If you'd like to chat to one of our lending specialists about a home or car loan, contact us on Live Chat or by calling 13 10 90.
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