New year, new car: Top-rated car loans going into 2024

The volume of new car sales in December has broken previous records, with 112,141 delivered to Australians over the month. If you’re considering purchasing a vehicle with the help of financing, you’ll want to know the most competitive loan options available to you this month. 

New vehicle purchases have officially surpassed the million mark, with 1.1 million sold year-to-date, according to the latest research from the Federal Chamber of Automotive Industries (FCAI).

Australians' growing interest in environmentally-friendly vehicles is also evident in the latest figures. Sales of battery electric vehicles have also grown significantly over the year-to-date, reaching 80,446 by November compared to 28,326 for the same period last year.

The Tesla Model Y was the fourth most popular car model sold across November. In fact, EVs represented 7.7% of the FCAI’s monthly sales and 7.2% of sales year-to-date.

According to the FCAI, six of the seven past months have seen the strongest new vehicle sales on record. FCAI Chief Executive, Tony Weber noted that there has been a strong demand for a “variety of vehicle options across various price brackets that meet the needs of Australians”.

“As the challenges of the past year's supply chain disruptions recede, consumers have greater access to a broad range of choices and increased accessibility in the market,” Mr Webber said.

“The automotive sector remains a testament to the resilience and adaptability of both industry players and consumers alike. However, as cost-of-living pressures hit we may see a market cooling in the coming months, and we anticipate a more challenging 2024,” he said.

Highest selling car manufacturers - November 2023

• Toyota - 21,002 vehicles sold
• Mazda - 8,707 vehicles sold
• Ford - 8,165 vehicles sold
• Hyundai - 6,718 vehicles sold
• Mitsubishi - 6,268 vehicles sold

Highest selling car models - October 2023

• Ford Ranger - 6,301 vehicles sold
• Toyota Hi-Lux - 5,901 vehicles sold
• Isuzu Ute D-Max - 3,692 vehicles sold
• Tesla Model Y - 3,151 vehicles sold
• Toyota Prado - 3,090 vehicles sold.

Compare top-rated car loans today

If you’re planning on purchasing a vehicle for 2024, and looking at car financing options, you may want to compare competitive car loan options on the RateCity database.

To help make this process easier, RateCity has ranked the top-rated car loans on our Leaderboard page, based on our Real Time Ratings™ system. 

Real Time Ratings™ gives each car loan a score out of five stars, based on cost and flexibility. But unlike other ratings systems that rank their products once or twice a year, our Real Time Ratings™ system ranks products as you use the site, for improved accuracy when creating your shortlist.

(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)

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