Floods claims to further impact car stock shortages

Devastating flooding in Queensland and New South Wales has resulted in just about 22,000 motor automobile coverage promises to date – at a time when history stock shortages and waiting lists are presently creating it extremely hard to just take well timed supply of a new vehicle.

Figures provided to CarExpert by the Insurance Council of Australia demonstrate 11,007 statements have been lodged (as of Tuesday) in NSW and a further more 10,637 in Queensland. We wouldn’t assume all of these to be create-offs in have to have of substitution, but numerous will be, and the listing will increase.

Then there is the injury to many vehicle dealerships and their weakened inventory.

From the motor business perspective, it is yet another blow for Australian shoppers hoping to obtain a new automobile. Buyers by now deal with regular wait around situations of six-or-additional months for numerous of the prime-selling models these kinds of as Toyota (for a longer time than yr a calendar year in some scenarios) owing to ongoing semiconductor chip shortages, supply chain snags exacerbated by COVID, and Ukraine.

According to the industry’s sales details, the typical month-to-month new auto income totals in NSW and Queensland this 12 months are all around 24,700 and 17,700 respectively, indicating the full numbers of submitted claims will have a sizeable excess impression on these desire and supply discrepancies.

In shorter, individuals needing a new automobile might uncover themselves unable to bodily get their palms on a person. It’ll also add to driving applied car or truck costs further more previously mentioned their present-day record highs – a result of steep demand advancement owing to explained new auto shortages.

“They’re disastrous [these floods], and this will place additional demand from customers in the process which is battling to fulfill provide,” Federal Chamber of Automotive Industries CEO Tony Weber informed us.

“This exacerbates a challenge not conveniently resolved… It’s the initially time in my memory when we have talked about provide and no demand,” he included.

Additional: Running list of cars and trucks with spec modifications, due to chip lack
Much more: Staggering affect of semiconductor shortage on vehicle sector exposed