Part
01
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Part
01
New and used car market in Australia
The combined new and used car market in Australia was USD 98,769,505,510 as of end of 2017. Figures for the new car market and the used car market have been added to the attached spreadsheet in row 4.
CALCULATIONS
All monetary figures were converted from AUD to USD using the conversion factor of 1.0 AUD =0.799628 USD.
The Australian government reported that in 2017, 1.189 million new cars were sold in the country. This was an increase of 0.9% over 2016 sales. The Toyota Hilux and sports utility vehicles (SUVs) were the most popular purchases. The average price of a new car was USD 59,536.59.
1.189 million new *USD 59,536.59= USD 70,789,005,510 market size
For used cars, it is estimated that between 2.0 and 2.5 million are sold each year in Australia. To include all possible sales, the 2.5 million figure was used to estimate the market size. The average cost of a used car in was USD 11,192.20.
2.5 million used * USD 11,192.20= USD 27,980,500,000 market size
To find the total market size (new and used cars), the two estimates were added together for a combined market worth of USD 98,769,505,510 or USD 98.8 billion.
27,980,500,000+ 70,789,005,510=USD 98,769,505,510
CONCLUSIONS
The combined market size for new and used cars in Australia at the end of 2017 was USD 98.8 billion. Figures for the market sizes have been added to this spreadsheet, row 4.