New car registrations are the lowest they’ve been in over a decade

Registrations of new light passenger vehicles reached their lowest levels in 11 years in February, with just 5951 units being registered.

A total of 9663 vehicles were registered last month, including light passenger and commercial vehicles, ever so slightly more than February 2023 by 122 units.

However, the Motor Industry Association (MIA) notes that new vehicle registrations for the same time last year were significantly impacted by Cyclone Gabrielle. When adjusted for this, February 2024 technically saw 22.7 per cent fewer new vehicle registrations than February 2022.

What were the top three models for February 2024?

The top three models for the month were the Ford Ranger with 956 units registered, followed by the Toyota Hilux with 692, and the Toyota RAV4 with 467.

Who led the market in February 2024?

The market leader for the month was Toyota with a 21 per cent market share, followed by Ford in second with 15.2 per cent, and Mitsubishi in third with 10.5 per cent.

As for the commercial market, Ford retained the market lead with a 35 per cent share, followed by Toyota with 29.4 per cent, and Mitsubishi with 14.3 per cent.

Electrified vehicle registrations continue to suffer

New registrations of electrified vehicles continued to suffer last month following January’s massive sales slump, a result of the Clean Car Discount no longer being in effect.

The most popular electric vehicle in February 2024 was the Tesla Model Y with 145 units registered, followed by the BYD Atto 3 with 23, and the Ford Mustang Mach-E with 20.

As for plug-in hybrids (PHEVs), the most popular model for last month was the Mitsubishi Outlander with 42 units, followed by the Eclipse Cross (22), and the Mini Countryman (16).

There was more to celebrate in the hybrid camp, especially for Toyota, with 444 new RAV4s hitting the road, followed by the Highlander with 154 units, and the Corolla Cross with 131 units.

What was the most popular segment in February 2024?

The most popular vehicle segment for last month was medium-sized SUVs, followed by utes, and compact SUVs.