Record month of vehicle sales shows conditions improving for buyers: top-rated car loans for June

New data shows that May recorded its best ever monthly sales results for new vehicles, according to the Federal Chamber of Automotive Industries (FCAI). If you’re one of the many Australians purchasing a vehicle, consider one of the top-rated car loans from RateCity. 

The latest data from the FCAI found that 105,694 new vehicle deliveries were recorded in May. This was a 12% increase year-on-year, with the current year-to-date sales 4.3% higher than the same period last year. 

Sales of electrified vehicles (Battery Electric Vehicle, Plug-In Hybrid and Hybrid) made up 15.6% of the market in May. In fact, the Tesla Model Y was the third most-sold vehicle model in this period. 

FCAI Chief Executive Tony Weber said the result was “encouraging” following the last few years of delays from shipping and logistics issues. That being said, the industry remains “cautious” around broader economic conditions and their “potential impact on demand”.

“This result is a signal that we are starting to see some improvement in supply. However, not all issues are resolved, and our members continue to work with their customers to improve vehicle delivery times,” Mr Weber said. 

“A large proportion of vehicles delivered this month would have been ordered during 2022,” He said. 

“Since then, we have seen a shift in economic conditions with a focus on rising cost pressures for households and businesses. Nevertheless, reports from our members indicate that demand remains firm.” 

Best selling car manufacturers and models 

SUV vehicle sales were up by 14.7% in May 2023 compared to the same period last year, with passenger Vehicle sales up 5%, according to the FCAI data. 

Highest selling car manufacturers - May 2023

• Toyota - 18,340 vehicles sold
• Mazda - 8,475 vehicles sold
• Hyundai - 7,078 vehicles sold
• Kia - 7,000 vehicles sold
• Ford - 6,251 vehicles sold

Highest selling car models - May 2023

• Toyota Hi-Lux - 5,772 vehicles sold
• Ford Ranger - 4,110 vehicles sold
• Tesla Model Y - 3,178 vehicles sold
• Toyota RAV4 - 2,616 vehicles sold
• MG ZS - 2,502 vehicles sold

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Real Time Ratings™ gives each car loan a score out of five, based on cost and flexibility. But unlike other ratings systems that rank their products once or twice a year, our Real Time Ratings™ system ranks products live as you use the site, helping you make a more relevant short list.

(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.)

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