New car sales reach a 24 year high in October; industry looking toward similar records on a full year basis

(Updated with used import figures.)

The 7,962 new cars sold in October is the most sold in any month since June 1989, and the most for an October since 1984.

This 24 year high comes as most domestic economic indicators seem to be hitting a 'sweet spot'. The Motor Industry Association claims it is "on the back of growing economic confidence".

Passenger cars sales were 8.5% higher than the same month a year ago.

October registrations of new commercial vehicles were up 33%, reaching 2,734 in the month. This is the highest level since records began in 1981 eclipsing the previous high in September 2013.

Toyota remains the market leader for cars in October with 25.9% market share (2,063 units) followed by Holden with 11.9% market share (949 units) and Ford with 10.3% (824 units).

The Toyota Corolla remains the top selling model with 12% market share (963 units), followed by Holden Commodore with 4% and Toyota Yaris at 4%. The Toyota Rav4 and Ford Mondeo were the next best-selling models, also with 3% each of market share.

The sale of sports utility vehicles represented 24% of all vehicles sales in October, followed by small passenger cars at 22% and pick-ups/chassis-cabs at 17%.

David Crawford, chief executive of the Motor Industry Association said today that if the current strong sales continue it is likely total new vehicle registrations for 2013 will exceed 112,800 units, an increase of approximately 12,000 units over 2012 volumes.

Update: October sales data for used car imports will be available in a few days came in at 8,545, 24% ahead of the same month a year earlier and 12% more than the prior month. Toyota, Nissan and Mazda vehicles accounted for 60% of the October used car imports.