Despite challenging economic conditions, record numbers of buyers have been out in force, purchasing new motor vehicles, according to the latest top selling cars data. The Federal Chamber of Automotive Industries (FCAI) reported an all-time record of sales of new vehicles for May, with increases across all categories, including significant rises in sales of hybrids and plug-in hybrids.
Buying a new car in the current economic conditions may seem like a crazy idea to many. Some may be wondering how these buyers are managing to buy a new vehicle. Acquiring a brand-new vehicle with better fuel efficiency and manufacturer warranty, may represent a saving over time, when compared with the ongoing repair and maintenance costs to keep an older vehicle on the road.
When buying a new vehicle with fixed interest rate finance and fixed monthly payments, buyers know their regular expenses in advance, and can budget for them. A scenario which may compare favourably with the prospect of having to find significant cash amounts to pay for unexpected car repairs on older vehicles, sometimes without warning.
For those with one eye on the new car market and the other on their budget, the decision to buy a new car may rely on securing an affordable car loan. While interest rates are top of mind for those considering taking on finance, putting off the purchase of a new vehicle to see what happens with rates, may mean facing higher vehicle purchase prices in a few months.
With tailored solutions at competitive rates, Jade Car Loans provides affordable vehicle loans for private and business buyers of top selling cars. To assist buyers to get their purchase plan under way, we cover off on the latest best sellers as inspiration and provide details on how to quickly and easily secure the required finance, at the best rates.
FCAI Reports New Vehicle Sales Records
Buyers can look to the latest trends in vehicle sales to assist with the decision as to which types of vehicles are currently most popular. The FCAI released the top selling cars data for the month of May in early June, noting the continuation of the record-breaking sales figures for the industry.
If considering an EV, buyers may note that the FCAI reports that hybrids and plug-in hybrids now have 15.8% of sales, up from 7.9% in the year prior. Battery EV sales are also up from 7.7% in May 2023 to 8.1% of new vehicle sales in May 2024.
While the sales of EVs and hybrids is growing, it is the diesel Ford Ranger that took out the top selling vehicle for the month. Toyota remained on top for the top selling brand. Passenger cars appear to be have a resurgence after showing a downturn as buyers appeared to favour SUVs. Passenger vehicle sales are up 17.3% for May 2024 compared with May 2023 while SUVs are only up 1.2% on the same monthly comparison.
Buying Ideas – Review the Latest Top Selling Cars
Reviewing the top selling brands and models can provide direction and inspiration for buyers. Toyota holds a strong lead in the year to date sales for brands. Ford is second, followed by Mazda, Kia, Mitsubishi, Hyundai, Isuzu Ute, Nissan, MG and Tesla.
For May, the list of 10 best-selling models is headed up with the Ford Ranger which just edged out the Toyota HiLux, with Toyota’s RAV4 in third place. Then came the Isuzu D-MAX, Mitsubishi Outlander, Toyota Camry and Corolla, Ford’s Everest, Mazda’s CX-5 and finally the Model 3 by Tesla.
Buyers looking to compare financing on different models with different price tags can use our Motor Vehicle Finance Calculator for estimates or contact us for quick quotes.
Getting Affordable Loans for Top Selling Cars
Whether a personal or business vehicle, the purchase of a new car has to be affordable with the lowest possible interest rates, and with terms that deliver workable repayments. Rates vary across the lending market and finding the best rates by requesting multiple quotes can be time-consuming and affect the buyer’s credit rating. Credit scores are critical to being offered the best rates, but so is applying to the right lenders.
Both private and business vehicle buyers can use our broker services to source financing for all types of vehicles. We provide the full selection of Personal Car Loans and Business Vehicle Finance products. New vehicles can generally be used as the sole security for the loan for most buyers, with no additional collateral required. Another advantage of upgrading to a new vehicle.
We have over 80+ lenders and skilled brokers to handle the entire process of finding customers the best rates, most suitable terms, and the most workable repayments. Ensuring buyers have access to the lender that is currently offering the lowest rates to applicants matching their credit profile. All without impacting their credit score.
If you’re in the market for a top selling vehicle, simply connect with us online or over the phone for a Get affordable motor vehicle finance on top selling cars through 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.
