Some of the top-rated car loans in December 2024

The latest vehicle sales report from the Federal Chamber of Automotive Industries (FCAI) reveals a continued softening in demand for new vehicles during November, with 99,091 new vehicles sold, an 11.6% decrease compared to the same period last year.

Private buyers feel the strain

Private buyer sales have seen a decline, dropping 16.6% in November compared to the same month in 2023. This marks the fourth consecutive month of double-digit declines for the segment, with October, September, and August showing similar drops of 14.2%, 17.2%, and 15.9%, respectively. FCAI Chief Executive Tony Weber described the trend as "disturbing," highlighting the impact of cost-of-living pressures on Australian households.

Shifts in vehicle preferences

Consumer preference continues to favour SUVs and Light Commercial Vehicles (LCVs), which dominated the top ten best-selling vehicles in November. Passenger vehicles, however, saw their market share drop to a mere 13.7% for the month.

While electric vehicles (EVs) struggled to gain traction in November, Hybrid and Plug-in Hybrid Electric Vehicles (PHEVs) made up 16.9% of all sales, a significant rise from 9.9% in November 2023. Mr. Weber noted the cautious approach many Australians are taking toward fully electric vehicles, echoing trends seen in markets like Europe and the United States.

“The industry will continue its part by introducing an increasing range of more affordable, low emission vehicles while working alongside governments to address challenges such as recharging infrastructure which is critical to building consumer confidence for the transition to low emission vehicles,” said Mr Weber.

Top brands and models

Despite the overall market decline, Toyota retained its position as the market leader. Here’s a summary of the highest selling car manufacturers in November 2024:

• Toyota (20,562 sales)
• Ford (8,720 sales)
• Mazda (7,588 sales)
• Kia (6,410 sales)
• Mitsubishi (6,205 sales)

Highest selling car models in November 2024:

• Toyota RAV4 (5,526 sales)
• Ford Ranger (4,981 sales)
• Toyota Prado (3,590 sales)
• Toyota HiLux (3,572 sales)
• MG ZS (2,794 sales)

If you’re thinking about buying a vehicle, this could be a good time to explore financing options tailored to your needs. However, it’s important not to base your decision solely on interest rates. While lower repayments may seem appealing, it’s essential to account for fees and other costs to ensure the loan aligns with your unique situation and long-term goals.

If you’re considering an environmentally-friendly ride, financing options like green car loans could be worth exploring. These loans often provide incentives for eco-friendly purchases, potentially offering savings on interest or fees. Take the time to research and compare your options to find a vehicle and financing solution that match both your budget and preferences.

The top-rated car loans today for those borrowing to buy a new eco-friendly vehicle. Assumes a secured $30,000 loan on a 60-month loan term.

The top-rated car loans today for those borrowing to buy a new vehicle up to two years old. Assumes a secured $30,000 loan on a 60-month loan term.

The top-rated car loans today for those borrowing to buy a used vehicle two years and older. Assumes a secured $20,000 loan on a 36-month loan term.