Some of the top-rated car loans in January 2024

Australians bought cars in record numbers last year, with the number of new vehicle sales reaching an all-time high in 2023. But if you’re still looking to buy a set of wheels in 2024, it may be worth making sure that you have access to car finance that suits your needs and goals.

According to the Federal Chamber of Automotive Industries (FCAI), the record of 1,216,780 new vehicle sales in 2023 broke the previous record of 1,189,116 vehicles sold in 2017. SUVs and light commercial vehicles accounted for 78.4% of sales, while battery electric vehicles accounted for 7.2% of sales and combined battery electric, plug-in hybrid and hybrid vehicles accounted for 16.2% of new vehicle sales.

FCAI chief executive, Tony Weber, expressed optimism about the industry's future in 2024 while acknowledging potential challenges:

“As we celebrate this historic achievement, we recognise that the automotive sector will face challenges in the coming months. Cost-of-living pressures and increased interest rates will impact the market, and we anticipate a challenging 2024.”

Highest selling car manufacturers in 2023

• Toyota – 215,240 vehicles sold
• Mazda – 100,008 vehicles sold
• Ford – 87,800 vehicles sold
• Kia – 76,120 vehicles sold
• Hyundai – 75,183 vehicles sold

Highest selling car models in 2023

• Ford Ranger – 63,356 vehicles sold
• Toyota Hilux – 61,111 vehicles sold
• Isuzu Ute D-Max  - 31,202 vehicles sold
• Toyota RAV4 – 29,627 vehicles sold
• MG ZS – 29,258 vehicles sold

Anyone planning to buy a car in 2024 may want to compare the available finance options first to make sure they’re not only getting an affordable deal, but one that suits their needs and budget. As well as looking at dealer finance, there are a wide range of car loan options to consider, plus other alternative options if you plan to buy a car for work purposes.

RateCity’s Real Time Ratings™ can help to make comparing car loans that little bit simpler, as each star rating combines the car loan’s cost with its flexibility to indicate its overall value. These ratings are frequently updated, and the top-rated car loans are ranked on RateCity’s Car Loan Leaderboards. Some of the consistently top-rated car loan deals may also become eligible for the RateCity Gold Awards.

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