It’s official – from tradies to adventure travellers, Aussies love their utes. With the nation’s three top-selling cars all being light commercial vehicles, how much will a car loan for one of these utes cost you?
According to VFACTS data from the Federal Chamber of Automotive Industries (FCAI), the top three selling vehicles in March 2019 were the Toyota Hilux, the Ford Ranger, and the Mitsubishi Triton.
Using the starting prices from Carsguide.com.au as examples, here’s how much each of these top three utes could cost you from month to month and in total, assuming a five-year car loan with an interest rate of 9.54% (the market average based on RateCity data at the end of March 2019):
|Vehicle||Starting price||Monthly car loan repayment||Total interest paid||Total amount to pay|
Don’t forget that these estimates are just a starting point – there are a lot of other factors that may affect the final cost of your ute.
For example, choosing a longer loan term may mean your loan costs less from month to month, but you’ll pay more total interest overall. If you choose a shorter loan term, you’ll pay more from month to month, but may pay less interest in total.
Plus, depending on the car loan you choose, there may be other fees and charges to consider, as well as stamp duty, rego fees, insurance, and other expenses.