If you’re on the hunt for a new vehicle, you’re not alone, as new data shows that vehicle sales achieved their highest result on record last month. So, how can you get ahead of the competition? By nabbing a competitive car loan.
New research from the Federal Chamber of Automotive Industries (FCAI) found that new vehicle sales achieved the highest August results on record, with 109,966 new vehicles. This was an increase of 15.4% on the same period last year.
These results show an optimistic trend in the movement of new vehicles, with July’s results also a record month for sales. FCAI Chief Executive Tony Weber said these back-to-back months of record-breaking new car sales were “positive news” for car manufacturers and consumers.
“The Australian automotive sector continues to demonstrate its strength, with August recording unprecedented sales figures, reflecting both a high level of demand from Australians and improved supply of vehicles,” Mr Weber said.
“Year to date sales have increased 9.9% which is a better indicator of the underlying strength of the market.”
"As consumers continue to embrace low emissions technologies we are seeing growth in electric, plug-in and hybrid vehicle sales. More than 1 in 6 vehicles sold in the month of August featured low emissions technologies,” he said.
Highest selling car manufacturers - August 2023
- Toyota - 22,321 vehicles sold
- Mazda - 8,458 vehicles sold
- Ford - 7,898 vehicles sold
- Hyundai - 6,513 vehicles sold
- Kia - 6,510 vehicles sold
Highest selling car models - August 2023
- Toyota Hi-Lux - 5,752 vehicles sold
- Ford Ranger - 5,760 vehicles sold
- Toyota RAV4 -3,317 vehicles sold
- Isuzu Ute D-Max - 3,281 vehicles sold
- MG ZS - 3,193 vehicles sold
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Green car loans
FCAI data also showed that electric vehicles accounted for 6.4% of sales and hybrid vehicles accounted for 10.5% of sales in August. If you’re considering purchasing a sustainable vehicle, you may want to consider comparing green car loan options.
Ask the lender for information about how it determines a vehicle to be ‘green’ or ‘eco’ and how it contributes to emissions reduction and environmental responsibility.