Buyers in the market for a new vehicle are sure to be interested in the monthly and annual best selling cars reports. The latest figures for 2023 have been released and contain a few surprises. It was a great year for sales, outdoing the previous record set in 2017. In another first, no passenger models – sedans, wagons or hatchback, make an appearance in the top 10 best sellers. And, when purchases by businesses are separated from those by private buyers, the Tesla Y was the best seller for the year.
The monthly December figures were also positive. Even with 1 less selling day than December 2022, monthly sales were up 12% on 2022. Upticks were recorded in all segments – passenger, SUVs and light commercials. Toyota retained its position as best selling brand for the month with 9.6% of the market for December. Ford second and Mazda in third.
Trends Highlighted by FCAI
In announcing the 2023 annual and December sales figures, the Federal Chamber of Automotive Industries (FCAI) described the result as an ‘unprecedented milestone.’ Mr Tony Weber, the FCAI Chief Executive saying the results underscored the competitive nature of the Australian market. He said the market offered customers with a wide selection of choices.
After the years of supply chain disruption, Mr Weber said that buyers now had greater access to more choices. The significant shift to SUVs and light commercial vehicles over passenger models is highlighted in these two categories covering 78.4% of the total sales for the year and the 10 top sellers all coming from these two segments.
Mr Weber noted that there would be challenges ahead for the sector through pressures from high costs-of-living and interest rates impacts.
Strong Sales for EVs
The take-up of all types of EVs continues its upward trend. 7.2% of sales went to battery electrics. All types of EVs – battery, hybrid, plug-in combined, was 16.2% of total sales. Mr Weber said that the FCAI was optimistic in regard to the Federal Government acting to introduce a Fuel Efficiency Standard that would lead to reducing emissions and enabling Australian motorists to acquire the vehicles that they wanted. Noting that the two issues of affordability and availability Affordability would be key to the success of a Fuel Efficiency Standard.
Top 10 Best Selling Cars 2023
In no real surprise, Toyota led the brands leader board for overall total sales for 2023. What could be seen as a surprise, though trends have pointed to this for some time, there is not one passenger vehicle in the 10 top sellers. This has not happened before. In 2022 there were two but the popularity of hatches, wagons and sedans has waned for several years with increasing popularity of SUVs.
At number one top seller for the year was the Ford Ranger just over 2,000 units ahead of Toyota’s HiLux. An interesting stat is that Ranger sales increased just over 33% on 2022 while HiLux sales were down by 5%. Another workhorse, the Isuzu D-MAX came in third followed by the RAV4 and the MG ZS.
The remainder of the top 10 was led by Tesla’s Model Y, Mitsubishi Outlander, then the CX5 from Mazda, Hyundai Tucson and Toyota Prado. The Tesla’s uptick of 230% compared with 2022 was the most outstanding, D-Max sales were up 28.2% and Outlander up 24%. Several of the others were in negative territory compared with 2022. But comparing year on year, one must take into account supply issues.
Top Cars Purchased by Private Buyers
An interesting breakdown of the data is when business and private buyer sales are separated. The top 10 takes on a completely different look when looking at sales to private buyers only. This could be of interest to the many private buyers looking to see what others have decided is a good buy.
Tesla Model Y sold the most units just ahead of the MG ZS with the RAV4 in third. Then we see the Ranger and CX5 followed by Hyundai’s i30 and Tucson. In this breakdown HiLux only manages 8th spot, just a few hundred sales units ahead of the Model 3 Tesla. Then comes Mazda’s CX3 in tenth position.
Interesting information for buyers ready to hit the round of showrooms for a test drive! When heading for a showroom, keep our vehicle finance calculator handy to work up financing estimates on quoted prices.
Securing Low Rate Finance for Best Selling Cars
Whiles sales of autos has increased, so has the price of many new models coming into the market. Of key interest to new vehicle buyers – both business and private, will be how to secure the lowest car interest rate credit for a top seller. As specialist motor lending brokers, Jade Car Loans assists both business and private buyers to secure best selling cars with low rate finance.
Following numerous rate rises over the past few years, economic conditions are now looking like a hold on rates can be expected when the RBA meets in February. If and when any rate cuts are announced in 2024 will depend on the data as the months roll on.
With our access to 80+ lenders, we are well-placed to secure the lowest rates currently in the motor vehicle lending market to suit the profile of each buyer. Contact us for a quote to get your purchase process off to a great start or consider arranging finance prior to test driving for that added confidence to seal the deal on the first inspection.
For low rate finance on 2023’s best selling cars, contact Jade Car Loans 1300 000 003 and speak with one of our brokers.
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.
