The figures have been released for the best selling cars for the month of September with EVs again recording strong figures. Sales for the month were 12.3% up on the same month last year. But it should be remembered that several states were in lockdown in September last year. After an extended period of severe supply issues, the Federal Chamber of Automotive Industries (FCAI) said supply was showing some signs of improving but cautioned that the pandemic-related issues were still problematic.
Pushing pessimism aside, checking out the best selling vehicles can be of interest to enthusiasts and particularly noteworthy for buyers. While supply remains an issue, the sales figures may provide a guide as to which makes have stock available for sale. Where the favourite model is not available right now, these monthly reports may provide inspiration for alternatives that other buyers have decided are the one.
There are a number of reasons why now may be a good time to seriously move on that new vehicle purchase with finance. The RBA indicated that further interest rate increases would be expected. That could mean an increase in motor vehicle finance rates down the line. It’s also approaching holiday season and road trip time. Heading off for that annual break in a brand new vehicle could enhance the holiday.
We report on September’s best-sellers with a note on sale trends from the FCAI plus an update on motor vehicle finance.
Headlining the FCAI’s September release of the figures is the strong sales of EVs for the month. Tony Weber, the CEO of the FCAI said the EV sales result for September was a signal of the increasing numbers of Australians demonstrating a commitment to the decarbonisation of their choice in transport.
Over 7,000 battery EVs were sold in September which is significantly more than the 5,000 total of hybrids and plug-in hybrids sold. Although the individual figures are impressive, battery EVs still only represents 2.7% of the market.
State sales figures show quite large discrepancies. 67.7% increase in the ACT but only 2.9% in Queensland but nearly 21% in NSW and similar for Victoria. But declines were posted for South Australia, Tasmania, NT and Western Australia.
As has been seen over some time, the passenger car market was down again compared with September 2021 and the SUV and light commercial markets were up. The increase in battery EVs is seen as a trend towards the zero emission technology.
The FCAI notes that the trend to EVs comes around the time that the Federal Government called for submissions on its discussion paper on EVs. Mr Weber said that manufacturers were encouraged by the paper as the path to decarbonisation of light transport in Australia required a holistic framework. He said policies and regulations needed to be in the context of price, availability, supply of batteries as well as infrastructure for charging and incentives for buyers.
A key trend to watch will be the upcoming release of an EV ute from LDV.
September’s Best Selling Makes and Models
No massive surprise in the market leader for September with Toyota once again topping the charts. Kia was second followed by Mazda and Mitsubishi. Indicative of the performance in the EV market, Tesla came in 7th best selling make behind Ford and Hyundai. VW, MG and Subaru rounded out the top 10 makers for the month.
The top brands on a sales for the year to date (YTD) basis is slightly different. Toyota leads Mazda and Mitsubishi then comes Kia and Hyundai. The bottom five are Ford, MG, Isuzu, Subaru and VW.
The top 10 vehicle models for September sees the Tesla Model Y slip into an impressive 3rd spot behind front-runner HiLux and Ranger. Mazda’s CX5 was fourth, just pipping Mitsubishi’s Triton. Position 5-10 were taken by D-Max, Outlander, RAV4, Kia Sportage and the Hyundai i30.
Motor Vehicle Finance Update
The affordability of best selling cars can hinge on the cost of the motor vehicle finance and especially sourcing cheaper interest rates through Jade Car Loans. he RBA has now raised rates for the last 6 months and has said that more rises would be expected. In this upward rate cycle, buyers will be looking for the cheapest interest rate car loans.
Our rates across our business vehicle finance and personal car loans remain better and cheaper so we can continue to provide affordable finance for customers. Buyers are encouraged to get moving with vehicle purchases where possible before another RBA cash rate increase which could come in the next few months.
Business buyers can look to realising greater benefits and savings by considering car financing for sole traders and temporary full expensing. This accelerated asset depreciation tax measure expires at the end of this financial year. With vehicle supplies still problematic in some markets, waiting until next year for the preferred model may mean missing out on this very generous tax deduction.
Contact Jade Car Loans at 1300 000 003 for cheaper car loans on best-selling motor vehicles.
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