√VFACTS September 2023: Records smashed again as utes fill top three spots, Tesla Model Y best-selling passenger vehicle

Deliveries of new cars remained in top gear for the third record month in a row – as vehicles ordered months and years ago finally arrived – however industry analysts say a slowdown is around the corner.

New-car sales records were smashed for the third month in a row – according to data released today – as utes filled the top three positions and the electric Tesla Model Y cemented its position as the best-selling passenger vehicle by pulling ahead of the former favourite, the Toyota RAV4 Hybrid.

The Toyota HiLux and Ford Ranger are locked in a head-to-head battle for top honours for the year – with the Ford Ranger now a strong chance to end the Toyota HiLux ute’s seven-year winning streak with year-to-date tallies separated by just 1200 sales.

The Tesla Model Y electric SUV has extended its lead over the Toyota RAV4 Hybrid after outselling it for the fourth month in a row.

However, so far this year hybrid cars (69,700 reported as sold to the end of September, 8.1 per cent of the total sales mix) still outsell electric vehicles (65,700 reported as sold to the end of September, 7.6 per cent of the total sales mix).

September 2023 was the third record month in a row for new-car deliveries, according to the Federal Chamber of Automotive Industries data released today.

The tally of 110,702 new motor vehicles reported as sold was an 18.3 per cent increase on the same month last year, a 7.8 per cent increase on the previous record (102,696) set in 2016, and 13.6 per cent higher than the five-year average for September prior to the global pandemic (97,436).

Despite the record new-car sales results, industry insiders say a slowdown is around the corner even though the Reserve Bank this week held interest rates for the fifth month in a row.

The majority of vehicles reported as sold last month – and so far this year – were ordered months and in some cases years ago and have only just now been ticked off the list after they were delivered to customers.

A number of major car dealer groups – which represent multiple automotive brands – told Drive that while there are still lengthy queues for certain models, the rate of new orders being written has started to slow.

“What today’s sales results don’t show you is what’s happening in showrooms today and what’s coming next,” said one major metropolitan dealer speaking on condition of anonymity as he is not authorised to comment on behalf of the brands he sells.

“Before COVID, the monthly sales results were a fair reflection of (consumer) demand for new cars month-to-month because dealers were overflowing with stock.

“Now the sales numbers are a reflection of whose ships turned up.”

Industry analysts say the recent increase in arrivals of new vehicles is expected to ease pressure on the inflated prices for used cars – which represent more than three out of every four motor vehicle transactions each week in Australia.

Evidence of the gradually deflating used-car prices can been seen on social media forums.

Used examples of in-demand models such as the Toyota RAV4 Hybrid and Ford Ranger Raptor were until recently offered for sale with higher than new-car prices.

However, now the same vehicles are being offered for close to or slightly less than new prices, indicating the bubble has burst for certain model variants.

One exception: used cars in the $20,000 to $30,000 bracket continue to hold up given the limited new-car options in that price range.

In other upsets: the MGZS now outsells the Toyota RAV4 in the year-to-date tally, Ram outsold Jeep by more than two-to-one last month, BMW now outsells Mercedes-Benz in the luxury-car sector, and the Nissan Patrol posted its best monthly result since June 2004 (though was still outsold by the Toyota LandCruiser).