Would new emissions standards affect which car you’ll buy? Some of the top-rated car loans in February 2024

Australians bought record numbers of new vehicles in January 2024, with most being SUVs and Light Commercial vehicles. However, with new emissions standards potentially on the cards, how could this affect your choice of vehicle, and in turn your choice of car loan?

New data released from the Federal Chamber of Automotive Industries (FCAI) found that 89,782 new vehicles were purchased in January 2024. This is 5.8% more than in January 2023, breaking the previous January record of 88,551 in 2018.

Looking more closely at the figures:

• SUVs accounted for 55.5% of sales
• Light commercials were 22.9% of sales
• Passenger vehicles made up 18.3% of sales
• Hybrids, plug-in hybrid and battery electric vehicles made up 17.4% of sales
• Battery electric vehicles represented 5.4% of sales

FCAI chief executive, Tony Weber, described the clear preference for SUVs and utes as a challenge that the Commonwealth Government is facing in relation to its plans to introduce a New Vehicle Emissions Standard (NVES):

“Industry wants an emissions standard that is ambitious without limiting the choice and increasing the cost of the vehicles Australians need and want.”

“Even with the current incentives offered by the Commonwealth and State and Territory Governments, sales of battery electric vehicles appear to have plateaued during recent months.”

Highest selling car manufacturers in January 2024

• Toyota – 17,903 vehicles sold
• Mazda – 8165 vehicles sold
• Ford – 6624 vehicles sold
• Hyundai – 6162 vehicles sold
• Mitsubishi – 5911 vehicles sold

Highest selling car models in January 2024

• Ford Ranger – 4747 vehicles sold
• Toyota Hilux – 4092 vehicles sold
• Toyota Landcruiser - 2541 vehicles sold
• Isuzu Ute D-Max – 2541 vehicles sold
• Toyota RAV4 – 2211 vehicles sold

If the potential introduction of new emissions standards does affect Australia’s automotive industry, more borrowers could find themselves in the market for a green car loan or other vehicle finance options to help pay for a suitable car.

Because comparing car loans can be complex, you could consider using RateCity’s Real Time Ratings™ to get a better idea of the overall value the different options offer. These simple star ratings are based on both a car loan’s cost and its flexibility, and are frequently updated so you can stay confident in their accuracy at any given time. Top-rated car loans in different categories can be found on RateCity’s Car Loan Leaderboards, while some top-rated car loans may become eligible for a RateCity Gold Award.  

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