Anyone in the market for a new car lately is keenly aware that it can be a challenge to find the vehicle of choice. A situation which has been frustrating as the car loan market has been experiencing the record low interest rate situation. But despite the high demand for new vehicles, the market in terms of sales figures, took quite a downturn for the month of April 2022. Sales across all vehicle categories dropped compared with March figures and April 2022 sales were down 12% compared with April 2021.
As Chief Executive of the FCAI (Federal Chamber Automotive Industries) Tony Weber notes, these figures do not reflect demand in the new vehicle market. It is a supply issue and not one limited to the Australian market. Supply of new vehicles is an issue in the global market. Reportedly, some manufacturers are pausing orders while others are advising of further delays with production slowed.
Downturns in sales were recorded by a number of the leading brands including Toyota, Mazda, Mitsubishi, Ford and Nissan. But despite posting lower sales for the month, Toyota retained its position as leading brand ahead of Mazda and then Mitsubishi.
Despite the disappointing sales figures, over 80,000 Australians did take delivery of a new vehicle in April 2022. To be ready to commit to the purchase of a best-selling car when available be prepared by arranging a pre-approved personal car loan or business vehicle finance
First, put the bad news about supply and availability aside and focus on which makes and models sold the most units last month. The best-seller lists can often provide an indication of what brands have stock available. But be mindful that it may also indicate delivery of back orders.
Market Comment: FCAI
In the statement accompanying the release of the April 2022 motor vehicle sales vehicles, FCAI’s Tony Weber noted the issues facing automotive manufacturers. Issues impacting both shipping and production.
Mr Weber notes the continuing microprocessor shortages and the continuing fall-out from the pandemic. Many factories had to shut down during various stages of the pandemic and while trying to now ramp production back-up, they are being hampered by the supply of the computer chips. These are the issues which are affecting supply of new vehicles and creating long delivery times.
Leading Makes and Models
The makes and models that did make their way into the hands of new owners in April in the largest numbers are: top-seller for the month was the Toyota HiLux continuing the ongoing rivalry with the Ranger which came in second. The RAV4 came in third followed by the Mazda CX5 and then the Isuzu D-MAX.
Making up the top ten were the Triton from Mitsubishi, Toyota’s ever-popular Corolla, Hyundai i30, then came the MG ZS and in tenth spot the LandCruiser.
Not surprisingly, Toyota continues to lead the market on a brand basis both for the month and on a year to date (YTD) basis for 2022. Mazda slots into second position YTD then Mitsubishi, then Kia which posted an 8.3% increase for the month, followed by Hyundai, Ford, MG with a trend-bucking 58% uptick, then Isuzu and finally Nissan.
Plenty of info for those in the market for a new vehicle to consider. But in order to be ready to act and sign on the dotted line when you find that best-selling vehicle, buyers should be equipped with their motor vehicle finance sorted. Preferably a better car loan and pre-approved.
What’s a Better Car Loan?
A better car loan is the one that is individually sourced to suit your requirements and with the cheapest interest rate. To achieve those objectives, both individuals and business owners, including those looking for low doc car loans, can utilise the services of Jade Car Loans. As specialist in the motor vehicle finance field, we can assist buyers through our strong bargaining power with lenders to negotiate the cheapest car loan interest rate and on those loan terms and conditions. Conditions which can often determine the difference between an OK loan and a better car loan
Pre-approved Mitigates ROMO
Pre-approved is the way to go if you don’t want to experience ROMO – the risk of missing out. With some makes and models in short supply, the buyer that presents at the dealership ready to sign may just secure their vehicle of choice ahead of the buyer that then needs to leave to arrange their finance.
We can arrange pre-approved motor vehicle finance across our portfolio of loans:-
- Secured Car Loan
- Business sole trader car financing
- Vehicle Leasing
- Commercial Hire Purchase
The application process is the same and most importantly the interest rate on pre-approved car loans is the same as for loans applied for after a sales commitment is made.
While reviewing the best-selling cars for April to consider your purchase, refer to our Interest Rate Comparison charts and use our Loan Calculators to calculate rough estimates on possible repayments for each model.
Contact Jade Car Loans 1300 000 003 for better motor vehicle finance on best-selling cars.
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.
