Times are challenging for now as the growing cost of essentials plagues the minds of many. The cost of groceries is increasing exponentially and as expected, many people are being more frugal with their money.
However, new car sales data shows that sports car sales have increased from the affordable all the way up to the luxury models.
One reason for the upswing in sports car purchases is that there was a wide range of models launched in the past 12 months. The tendency is that sports car sales will have a high sales volume in the first year of sale and will plateau after.
Another reason is that car fanatics could be purchasing them now before it’s too late as many car manufacturers are shifting towards electrifying their models. This means that now is the best time as they may not be able to pick up a petrol-powered sports car in 10 years.
It’s anticipated that there will be a rise in hybrid sports cars in the years to come, however, in 2030, most of these cars will probably be fully electric.
To the end of October this year, sports car sales have jumped by 37.8 per cent compared to the same time last year, which is the sale of over 10,000 vehicles.
All sports cars except one in the affordable bracket under $80,000 saw at least double-digit growth. The single model that didn’t have such growth was the Ford Mustang which is a run-out model with limited stock. The new generation version will be coming to Australian shores in 2024.
The BMW 2 series increased by 94 per cent year on year while the Mini Cabrio had a 68 per cent upswing. The new Nissan Z had an enormous upswing of 446 per cent while Mazda’s MX-5 increased by 27 per cent.
Sports cars over $80,000 also experienced growth with many models that are close to the end of their life cycle proving to be popular. Some include the Audi TT with 144.4 per cent growth and the Toyota Supra with 101 per cent growth.
Uncertain economic times rarely impact the higher end of the spectrum with vehicles over $200,000 performing extremely well this year. Sports cars from Lamborghini have increased by 88.2 per cent and vehicles from McLaren up by 50 per cent.
Despite the sombre economic environment Australians are in, the demand for sports cars hasn’t been impacted and it remains to be seen whether the growing sales will continue.