February 2023's Best Selling Cars: Ranger and Model 3 Lead the Pack
The Federal Chamber of Automotive Industries (FCAI) has revealed the best selling cars for February 2023 with the stand-outs being Ranger ahead of Hilux again and Tesla Model 3 the third best selling model for the month. Sales of EVs continued to grow and the overall sales results were the best result for the month of February since 2019.
But while stock issues appeared to be easing in some of the previous month reports, it has been reported that many of the February sales were to wait-list, pre-order customers. In addition, Drive has reported issues with unloading of new vehicles on the docks which are also delaying deliveries.
All the downside to the side, for buyers in the market for new vehicles and for motoring aficionados, checking out the monthly sales results and reviewing which brands and models were the best sellers is always popular. Also extremely popular with buyers is securing cheaper motor vehicle finance, often aided by tools like a business car finance calculator. We report on the latest best-selling cars and how to achieve cheaper car loans despite the 10th consecutive RBA rate rise.
FCAI Report – VFACTS for February 2023
The FCAI reported the VFACTS for February with sales up 1.8% on February 2022. Given the constraints on supply at both a global and local level, the Chief Executive of the FCAI, Tony Weber said it was a pleasing result.
Mr Weber said the growth of battery EVs, 6.8% of the monthly total sales for the month, proved that buyers will purchase when a battery EV product is offered to suit their needs, finances and habits. The total of both low and zero emission vehicles accounted for 13.9% of total monthly sales.
China was the third highest origin country for vehicles sold in February with Japan remaining the number one source country, Thailand in second place and Korea fourth. Passenger car sales were down on January figures while sales of SUVs and light commercials showed small increases over the previous month.
Best Selling Cars - Models and Top Brands
For buyers, the real interest is in the brands and models that are selling best. This may indicate buyer appeal and popularity. Or under the current market supply conditions, especially with options like new business vehicle finance, it could be an indication of the arrival of shipments and delivery to buyers that have been waiting for some time.
Toyota has pretty much always reigned supreme as the top selling brand. February 2023 was no different with the brand outselling all others. However, with a 31.4% downturn in sales on a year-on-year (YOY) basis. Mazda came in second also with a slight decrease, followed by Ford with a 30.6% increase YOY.
Kia was up slightly on the YOY basis to take fourth spot followed by Hyundai and then Mitsubishi. The remainder of the top 10 was made up by, in order, MG, Subaru, Tesla and Isuzu.
Now for those all-important top 10 best selling cars models. As mentioned at the outset it was the Ford Ranger taking top spot ahead of Toyota’s HiLux and then Tesla’s Model 3. The Mazda CX5 and Mitsubishi Outlander rounded out the top 5.
The remaining top sellers in the top 10 were the RAV4 from Toyota, the MG ZS, Isuzu’s D-Max, Subaru Forester up an impressive 35.9% YOY and the budget-friendly priced MG 3.
Plenty of intel for buyers to peruse and consider and start contacting dealers for information on delivery timing. Where stock is available, arranging finance before the test-drive may be an ace card in securing the vehicle of choice. Prospective buyers, including those considering car lease finance, can use our car finance calculator to compare monthly repayment estimates on advertised prices of vehicles of interest as a starting point.
Achieving Cost-effective Finance for Best-Selling Cars
Buyers of new vehicles have faced ongoing challenges over recent years with long-wait times for delivery, limited stock and now pest issues delaying unloading shipments and rising interest rates. We fully appreciate the frustration and assist buyers from the finance side with cheaper low business car loan interest rates.
As has been widely reported, the RBA increased interest rates again at its March Board meeting. This decision will, like the previous nine increases, have an impact on motor vehicle finance rates.
Business buyers, including those seeking no deposit car loans, are reminded of the deadline for temporary full expensing – 30 June 2023. Vehicles must be acquired and working in the business by that date to be eligible under ATO criteria. A business car chattel mortgage is the most appropriate form of business finance to suit optimizing the tax benefits from this measure.
In future posts, we'll delve into the best-selling cars in different categories to provide even greater insights into the current market.
Buyers seeking to purchase one of the latest best selling cars can contact Jade Car Loans 1300 000 003 for personal car loans and business vehicle finance.
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.
