Tesla Model Y Surges in Sales, Securing Second Spot in Best Selling Cars of June 2023
While the end of financial year makes June a popular month to upgrade motor vehicles, there are a number of reasons why June 2023 was particularly notable. One being that the Tesla Model Y came in second on the best selling cars list ahead of the Ford Ranger. This result is being attributed to large deliveries arriving in the month but the actual sales figures are quite outstanding.
According the VFACTS data released by the Federal Chamber of Automotive Industries (FCAI) Toyota HiLux held onto top spot with 6142 units sold, Tesla Model Y came second with 5560 units and the Ford Ranger third with 5334 units sold. Tesla’s impressive monthly result propelling the brand to 6th place on the best selling makes.
The FCAI’s Tony Weber that June is usually strong for car sales but 2023 is the best June since 2018. Mr Weber said that dealers and manufacturers were indicating that demand is strong and although showing signs of recovery, supply levels are still not yet meeting demand.
A key reason for the great June result is likely the prospect of further interest rate rises in the coming months. The Reserve Bank (RBA) did hold rates steady for July, but in the previous months, the Board did indicate further rate rises could be required. Likely incentivising many buyers to secure their new cars with finance before another rate rise.
For business owners, the incentive to purchase new vehicles before the end of the financial year would be for the last opportunity to take advantage of temporary full expensing. The accelerated asset depreciation measure ending on 30 June 2023.
FCAI June Car Sales Report
The FCAI note that the June 2023 result was 25% higher than sales in June 2022 and the best June since 2018. Mr Weber said the Chamber was monitoring economic conditions and how they may impact car buying decisions in the next half of 2023.
The sales of electrified vehicles, low and zero emission models, continued their upward trend. Battery electric models were 8.8% of the June figures and 7.4% of the total sales for the first 6 months of the year. Mr Weber said that more models being introduced and more competitive prices was extremely important for the market to meet consumer needs.
Best Selling Cars – June’s Top 10 Makes and Models
For those in the market for a new vehicle and for motor aficionados, the monthly leader boards of best selling car brands and models is a ‘must-watch’. As mentioned above, the June results threw up a big upset with the Tesla Model Y SUV securing a podium position.
The top 10 best selling models for June were: HiLux, Tesla Model Y, Ford Ranger, MG ZS, Toyota RAV4, Hyundai Tucson, Mazda BT-50, Hyundai i30, Isuzu D-Max, and Mitsubishi Triton. So, the leaderboard is full of utes, SUVs, and EVs.
VFACTS report individual categories as well as the top 10 overall. Utes being an extremely popular category, we note that in the 4x2 ute category the top 3 were HiLux, BT-50, and D-Max. In the 4x4 category, it was Ranger, HiLux, and then BT-50.
Now for the top selling brands. Despite recording falls in sales on a year-on-year (YOY) basis, Toyota holds on firmly to the top spot. Mazda also held on to its second position with a 55% increase in sales YOY. Third place went to Hyundai, followed by Ford, then Kia and Tesla. The final four were MG, Mitsubishi, VW, and Subaru.
What can buyers take from these results? While not mentioned in the FCAI release, it has been reported in recent months that the majority of new car sales were for waitlist customers. Some customers have been waiting since last year for the shipments.
With supply still not on par with demand as noted by Mr. Weber, buyers should take caution when evaluating the figures. Contact dealers and see what stock is available to drive away immediately. With the increases in interest rates and cost of living pressures, some buyers who were on waitlists may have changed their minds.
Considering these factors, potential buyers might want to explore Tesla financing. This could provide a viable option for those interested in purchasing a Tesla vehicle, especially given the brand's strong performance in recent sales.
Securing Finance for Best Selling Cars
To be in an ideal position to purchase a new car quickly, buyers can get approved for finance before visiting the dealership. Business and private car buyers can speak with us about cheaper finance on best selling cars including top performers - HiLux, Tesla Model Y, and Ranger.
For private buyers, the Secured Car Loan will be the most suitable for most buyers of new vehicles. For commercial buyers, considering ABN Car Finance could be a beneficial move. It will be a matter of deciding which of the commercial motor vehicle finance products will work best for their structure, tax approach, and financial objectives.
Speak with us for quick quotes and fast approval so you can secure your best selling vehicle quickly and efficiently. Business vehicle loans, especially with competitive commercial car finance rates, can provide the necessary financial support for businesses looking to expand their fleet or upgrade their current vehicles. With the right financial planning and advice, you can make the most of the opportunities presented by the current automotive market.
Additionally, if you're considering changing the terms of your existing car loan, using a refinancing car calculator can be a helpful tool. This can provide you with an estimate of potential savings and help you determine whether refinancing is a good option for you. By inputting your current loan details and the terms of the proposed new loan, you can compare the costs and see the potential impact on your monthly payments and overall interest paid. This can be a valuable step in making informed financial decisions about your vehicle.
For cheaper finance on best selling cars, contact Jade Car Loans at 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.