New car sales experienced a decline for the 31st month in a row, but green shoots are beginning to appear in the Australian new vehicle market.
Figures released by the Federal Chamber of Automotive Industries (FCAI) revealed that the total sales for the month of October were 81,220. This is down just 1,236 units or 1.5 per cent from October 2019 when 82,456 vehicles were sold.
FCAI chief executive Tony Weber said the results were welcome news for the automotive industry.
“After a very challenging year, we are seeing green shoots in the Australian new vehicle market,” Mr Weber said.
“Every state and territory except Victoria and Tasmania have seen significant growth, and given the circumstances, Victoria’s result is seen as encouraging.
“The green shoots that we are seeing in October give us great hope that we may begin to see further recovery during the coming months.”
Toyota was the top selling brand for the month with 19,505 sales, followed by Mazda with 7,457, Hyundai with 5,951, Ford with 5,744 and Kia with 5,304.
Electric vehicles also experienced a surge in October, more than doubling in their total sales compared to October 2019.
If you’ve got a new set of wheels at the top of your Christmas wish list, you might be starting to think about financing options.
There are plenty of competitive car loans on the RateCity database, offering rates from as little as 3.60 per cent (4.51 per cent comparison rate).
When shopping for a car loan that best suits your needs, consider the different interest rates, fees and features of a variety of finance options before making your choice. A car loan is a financial commitment that will likely take a few years to pay off.
To help you with your research, RateCity has put together some of the top-rated car loans in three different categories for November 2020.
(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)
Top rated new car loans
Top rated used car loans
Top rated green car loans