The rivalry between the Ford Ranger and the Toyota HiLux in the sales arena took another turn in May. HiLux moved back into top spot based on sales figures for the month. Ranger had held the spot with extremely close sales numbers for these popular utes in recent months. The two models regularly swapping 1st and 2nd on the leader board. But HiLux stepped back to the top of the podium in May, selling 5772 to Ranger’s 4110.
Overall, May 2023 is being noted as a record month for sales in the new motor vehicle market. According to the figures released by the Federal Chamber of Automotive Industries (FCAI) the May 2023 result is 12% up on May 2022, 2.7% higher than the previous May record set in 2017. Year to date total sales are also 4.3% above the same period in 2022.
The Chamber’s Chief Executive, Tony Weber, said the result was a signal of supply improvements. Good news for long-suffering buyers that have been waiting for the shipment to come in. Or is it? Reports have that many of the sales were filling back orders. Reports also have showrooms reporting things are a bit slower due to the economic conditions. For buyers ready with the finance secured at our cheaper rates, the situation could present opportunities for deals to be made for driveaway stock. Read more here CNN
We do our monthly wrap of the car sales results and update on car loans to assist buyers with their purchasing plans.
FCAI May Sales Report
The FCAI reports sales for the auto industry achieved a ‘best-ever’ May result and all states and territories recorded good upticks. Mr Weber described the results as encouraging after the months of issues around shipping and logistics which hampered deliveries.
However, he warned that all those issues are not totally resolved. Mr Weber said the large percentage of May’s vehicle sales were for 2022 orders.
An interesting statistic is the increase in sales in the passenger vehicle market of 5% compared with May of 2022. This segment has seen declines in recent years as the popularity of SUVs has taken off. A market which continues to power with a 14.7% increase in the SUV category. Light commercials had also been down of late but recorded a 10.7% uptick in May.
Battery EV sales represented 7.7% of the May sales and 5% YTD. Sales for all types of electrified vehicles – that includes battery, PHEV and hybrids, was 15.6% of the market.
Despite a downturn in numbers recently due to specific issues, Toyota retained overall market leadership ahead of Mazda. And as we led in with, Toyota HiLux was the best-selling vehicle overall, ahead of the Ranger with Tesla’s Model Y coming in third.
Makes and Model Leader Board
Now to take a closer look at the rest of the leader board for manufacturers and individual models. The percentage changes are for a year-on-year (YOY) comparison.
The top 10 models were:- Toyota HiLux, Ranger, Model Y Tesla, RAV4, MG ZS, Isuzu D-Max, Hyundai i30, Hyundai Tucson, Mitsubishi Outlander and the Mazda CX-5.
Despite only having one model in the top 10, Mazda retained second position on the best-selling manufacturers leader board behind Toyota. Interestingly, Toyota sales were down 19.6% YOY while Mazda was up 30.9%.
Hyundai came in third followed by Kia, then Ford, MG and Mitsubishi. The final 3 in the 10 made up with Tesla, VW and Subaru.
Car Finance Options and Opportunities
The positive car sales results in May may well be attributed to business operators finalizing their purchases before the end of IAWO (Instant Asset Write-off). After 30 June, the temporary full expensing or Instant Asset Write-off will no longer be available. This means that business owners have just a few weeks left to acquire new vehicles, including Toyota HiLux, and take advantage of these generous tax measures. To make the most of this opportunity, businesses looking to utilize the temporary full expensing tax measures may find Chattel Mortgage particularly well-suited.
In light of the recent rate rise announced by the Reserve Bank, it is anticipated that some lenders will increase their rates in the days and weeks to come. However, buyers can rely on our services to source the cheapest rates from a wider range of lenders, and do so more efficiently. We understand the importance of finding the best financing options for your car purchase. That's why we offer RACQ Car Loans, providing you with a comprehensive range of choices to suit your needs.
Additionally, for businesses exploring car financing alternatives, we also offer attractive Commercial Car Lease Deals. Our team can assist you in securing a lease that aligns with your specific requirements, helping you make informed decisions and optimize your financial outcomes.
By utilizing our services, such as the jade car loan, you can navigate the changing interest rate landscape and access the most competitive rates available. With our expertise and extensive network, we are dedicated to assisting you in finding the right financing solution for your car purchase.
Jade Car Loans offers cheaper rates on business vehicle finance for buyers of top selling work vehicles including Toyota HiLux, Ford Ranger and Isuzu D-Max. Fast approvals and prompt settlement are available for those seeking to finalise prior to EOFY.
For cheaper business finance and quick settlement on Toyota HiLux and other work utes, contact Jade Car Loans at 1300 000 003.
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