Some of the top-rated car loans in April 2024

In every month of 2024 so far, Australians have broken a record for the number of vehicle purchases. A general swing towards electric vehicles (EVs) and other greener vehicles has also been recorded, with fuel-efficient technologies becoming more and more popular.

According to the latest figures from the Federal Chamber of Automotive Industries (FCAI), 109,647 vehicles were purchased in Australia in March 2024, outpacing the previous March record of 106,988, which was recorded in 2018. This follows record-setting sales results in January and February, making this the best ever first quarter for new vehicle sales, up 13.2% on the same quarter in 2023.

FCAI chief executive, Tony Weber, described the fact that 9 of the past 12 months had seen the industry achieve record sales results as “remarkable”, with the industry having delivered 1,252,230 new vehicles to the market since April 2023.

“This is a terrific result for the sector; however, all car brands are well aware that these results cannot be taken for granted. We need to factor in the ongoing cost of living pressures and the challenges for industry and consumers that will emerge with the introduction of the New Vehicle Efficiency Standard (NVES) in less than nine months.”

Sales of electrified vehicles in March 2024 made up 23.5% of the total market, with the popularity of these vehicles having increased over the past year. For example, Battery Electric Vehicles made up 9.5% of new vehicle sales compared to 6.8% in March 2023, while Hybrid and Plug-in Hybrid sales recorded a 14.0% share compared with 6.0% in 2023.

Highest selling car manufacturers in March 2024

• Toyota (18,961 sales)
• Ford (8776 sales)
• Mazda (8246 sales)
• Mitsubishi (7866 sales)
• Kia (7070 sales)

Highest selling car models in March 2024

• Ford Ranger (5661 sales)
• Toyota RAV4 (5070 sales)
• Tesla Model Y ((4379 sales)
• Toyota Hilux (3995 sales)
• Mitsubishi Outlander (2764 sales) 

Australians wanting to compare car loans could use RateCity’s Real Time Ratings™ to get a better idea of the overall value they offer. These star ratings combine the cost of a car loan’s interest and fees with the flexibility offered by its features. Top-rated car loans are ranked on RateCity’s Car Loan Leaderboards in different categories, with the top-rated options becoming eligible for a RateCity Gold Award.

(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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