For those in the market for a new car, checking out the monthly best selling cars sales figures can be a great way to stay across the market. Possibly for ideas for vehicles you haven’t considered or to assist in the decision-making process by seeing what other buyers have selected. But in this current ‘availability crisis’ market, the sales figures may just reflect which brands managed to finally hand the keys to buyers that have waited months for delivery.
Whatever the purpose, reviewing the best selling cars data can be a worthwhile process and the latest March 2022 car sales figures show a downturn in petrol-powered cars.
The automotive industry body, FCAI (Federal Chamber of Automotive Industries) releases the monthly data and we take a look at what makes and models top the sales charts for 2022 and for the month of March.
March Car Sales Statement – FCAI
Despite availability issues, over 100,000 new vehicles were delivered to buyers in March which is a small decrease compared with the same period in 2021. The Chief Executive of the FCAI Tony Weber said that the result could be seen as ‘relatively stable’ considering the challenges in the global auto sector.
Mr Weber said that this was a historic time as the supply side rather than the demand side was determining the market. He said this was a result of manufacturers still in recovery mode from the shutdowns caused during the pandemic and the computer chip crisis which was ongoing.
The FCAI particularly noted that the March 2022 sales figures see, for the very first time, leading EV brands Polestar and Tesla reporting their figures. While this is a great move, the FCAI cautioned that Tesla figures reported in the March figures was for sales over the first 3 months of the year.
The inclusion of Tesla data also impacts the reading the year to date sales figures per brand. In general vehicle categories, passenger vehicles are up 3% compared with March 2021; SUVs down very slightly; and light commercials up 4%.
Brands and Models: March Top Sellers
For keen buyers, now down to the nitty gritty of which brands and which models head the sales charts. No real surprises with Toyota heading the brands again, with Mazda second and Mitsubishi third. They were followed by Hyundai and Kia.
The top ten motor vehicle brands on a year-to-date basis are Toyota; Mazda; Mitsubishi; Kia; Hyundai; Ford; MG; Isuzu Ute; Nissan; and Subaru.
For March 2022 the iconic HiLux was the biggest selling vehicle followed by the RAV4 and then Mitsubishi’s Triton. Next came the CX-5 from Mazda, Tesla Model 3, Ranger, Hyundai i30, D-MAX, Prado and Corolla.
With Tesla and Polestar now reporting their sales figures to VFACTS, it will be interesting in coming months to get a better handle of the take-up of EVs on the Australian market. The recent surge in petrol prices will also no doubt be a contributing factor with many motorists possibly had enough of the constantly varying price at the pump. The roll-out of more charging stations will also assist EV sales.
But as we mention each time we post an article about motor vehicle best-selling data, the figures need to be considered in the right context. That context being availability. Toyota has consistently won out in the top brand for a very long time and with several models in the top ten. So for buyers keen to get their hands on a new car asap, possibly a convo with a Toyota dealer about availability is in order. Though there were recent reports of extended waits for some Toyota models especially the RAV 4.
Car Loans and Finance Options and Outlook
The figures do show the market is continuing its love for SUVs and utes. The Budget announcement that the IAWO will continue through to 30 June 2023 is likely to further drive sales of business vehicles.
IAWO (Instant Asset Write-off) aka temporary full expensing, allows for businesses to fully deduct the cost of eligible assets such as vehicles in the year that it was purchased. Normally the purchase price/value would need to be depreciated incrementally over a number of years. This can be especially beneficial when considering commercial car finance options.
But to take advantage of this tax measures, businesses need to select the appropriate form of finance. Car Chattel Mortgage is considered the most suitable for this purpose. With this finance product the vehicle ownership is immediately transferred to the borrower and the value of the asset entered on the business balance sheet. As such, the asset is subject to depreciation under the schedules set out by the ATO.
For business where Chattel Mortgage does not suit their objectives, we also offer Business car Leasing and Hire Purchase.
For buyers of new private vehicles, the Secured Car Loan is the most widely used car loan product.
To assist in the purchase process, use our Car Loan Calculators to work up repayment estimates on different best-selling vehicles. Alternatively, get straight into it and speak with one of our consultants for pre-approved car finance.
For a finance quote on a best-selling motor vehicle call Jade Car Loans 1300 000 003
DISCLAIMER: IN REGARD TO MISREPRESENTATIONS AND ERRORS CONTAINED IN THE MATERIAL AS PRESENTED, LIABILITY IS NOT ACCEPTED. THE DETAILS AND CONTENT IS PROVIDED FOR CAR BUYERS AND INDIVIDUALS AND BUSINESS SEEKING FINANCE PURELY AS GENERAL INFORMATION. THIS IS NOT PROVIDED AS THE ONLY SOURCE OF FINANCIAL INFORMATION. ANYONE THAT CONSIDERS THAT NEED FINANCIAL ADVICE ABOUT THEIR SPECIFIC REQUIREMENTS SHOULD SEEK THEIR OWN FINANCIAL ADVISOR.