For those in the market for a new car this month, there are plenty of stats and figures to absorb and consider in deciding on which car and what car loan. The latest car sales figures were released by VFACTS on 3 June, the RBA Board met on 4 June for their monthly decision on interest rates and the EOFY car sales are ramping up.
So let’s get into the stats to assist in your car-buying decisions.
May 2021 New Vehicle Sales
Australians appear to be showing their consumer confidence and businesses possibly taking advantage of the Federal Budget tax measures, with sales of new vehicles in May 2021 up 68.3% compared with May 2020 and even May 2019.
SUVs continue to be the most popular vehicle type and Toyota is the most popular brand, taking the top spot in multiple categories and 5 of the top 10 spots. Mazda’s performance was also noteworthy and also noteworthy – the brand is running an EOFY sale on some of these top-selling models.
We’ll give you the top 10, then dig a little deeper into some of the traditional rivalries for more detail.
Top Ten Vehicle Sales May 2021:
- Toyota Hilux
- Ford Ranger
- Toyota RAV4
- Toyota LandCruiser
- Isuzu D-MAX
- Mazda CX-5
- Mitsubishi Triton
- Toyota Prado
- Toyota Corolla
- Hyundai i30
Overall in 2021, Toyota is the top-selling brand, followed by Mazda, Mitsubishi, Hyundai and Kia.
For May it was HiLux rival Ranger. Another noteworthy performer was MG which just missed out on the top 10 brands coming in at 11. MG scored the top spot for the best-selling small category SUV in May and its MG3 light hatch also dominates. No doubt is driven by highly competitive pricing.
In the luxury stakes, BMW with 2707 sales just outsold Mercedes-Benz at 2526 with Audi at 1707. In the budget brands, GWM with Haval and the Ute recorded a modest increase in sales in April: and May, but the big WOW figures are their year on year sales which show 5489:1480. Their new models are starting to get noticed and purchased.
The take-up of EVs in Australia continues at a very slow pace although the sales of hybrids are doing well compared with year on year figures.
SUVs sold over 50% of total sales, maintaining their dominance and popularity with Australian drivers and commercial vehicles and utes outsold passenger cars. With temporary full expensing extended in the 2021/22 Federal Budget, no doubt many business operators would be rushing to get their vehicles purchased and operating in the business to realise the tax benefit in this financial year.
Delivery Issues? Order Your New Vehicle Now!
While current sales are booming, reports have it that many of the vehicles purchased in May were ordered some time ago. The global pandemic caused some delays in production and hence new car deliveries throughout 2020 and now there is a global shortage of computer chips which is causing problems. Production delays have been reported for many car makers due to the shortage of semiconductors, a situation we have covered in other articles.
Several new model releases have had to be pushed back and according to reports, Nissan, Kia and Hyundai are advising of delivery delays for new vehicles. Toyota is OK in regards to parts with production but demand is strong and that may cause delays.
Word has it in dealer circles that buyers should get in fast to place their order for a new vehicle. Jade Car Loans can assist buyers wanting to pre-order or place orders well ahead of delivery with pre-approved and pre-arranged finance. Many buyers will want to know they have finances locked in before placing an order. We offer the service across our personal and business vehicle loans to have your loan approved before signing a sales contract. So you can confidently proceed with the order.
When the vehicle is ready for delivery, we finalise the pre-approved loan based on the final invoice amount. Depending on the time elapsed, pre-approved loans may need to be reviewed and re-priced.
Interest Rates: June Decision
While car sales are on the ‘up’, interest rates are on the ‘low’. At the June meeting, the RBA Board once again held the official cash rate at the 0.1% rate. This is the same rate that the cash rate has attracted since November 2020. A historic low.
In the statement accompanying the June decision, the RBA Governor Philip Lowe repeated earlier statements that the bank was looking to inflation in the 2-3% range and unemployment to fall further before an increase would be contemplated. This is despite the hot housing market.
To see how Jade’s cheap interest rates reflect the current low-rate environment, refer to our commercial car financing rates comparison tool. To work out repayment estimates on the vehicles you’re considering, simply enter the total amount of your loan and the term you would prefer.
Locking in a Car Loan
To avoid FOMO, lock in lending with Jade ASAP. At our fixed interest rates, your loan is set to the same monthly repayments for the full loan term. Whether you’re purchasing a top 10 seller or any other vehicle, our fixed interest rate loans apply to:
- Secured Car Loans for personal and consumer
- Sole trader car finance
- Car Lease
- Best Car Hire Purchase
Contact Jade Car Loans at 1300 000 003 to discuss your lending requirements.
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.