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Car sales have new mid-year record - Some of the top-rated car loans in July 2024

Car sales have new mid-year record - Some of the top-rated car loans in July 2024

04 Jul, 2024 - 3 min read

The first six months of 2024 have recorded a record number of new vehicle sales, with an increasing number of these being for electric vehicles.

According to the latest data from the Federal Chamber of Automotive Industries (FCAI), car sales actually slowed slightly in June 2024 compared to the same time last year, with 119,659 new vehicle sales – a decline of 4.2% compared to the previous year.

However, this follows multiple months of record-breaking sales figures, so that in the first six months of 2024, 632,412 vehicles were sold - a year-to-date increase of 8.7% on last year and surpassing the previous record of 605,522 in 2018.

FCAI chief executive, Tony Weber, described the year-to-date sales as “encouraging, especially considering the ongoing economic challenges.”

Also, out of the year-to-date sales, 50,219 were for battery electric vehicles, which is up from the 43,092 at the same time last year.

Highest selling car manufacturers in June 2024

Toyota (20,903 sales)
Ford (9493 sales)
Mazda (9483 sales)
Kia (8225 sales)
Mitsubishi (7723 sales)

Highest selling car models in June 2024

Ford Ranger (6289 sales)
Toyota Hilux (5630 sales)
Toyota RAV4 (3907)
Mitsubishi Outlander (3045 sales)
Tesla Model Y (2906 sales)

If you plan to buy a new vehicle in this new financial year, there are a range of finance options to choose from. RateCity’s Real Time Ratings™ may be able to help you finda car loan that offers more value for your needs, as they combine the cost of a car loan’s interest and fees with the flexibility offered by its features. Some of the top-rated car loans in different categories are ranked on RateCity’s Car Loan Leaderboards, 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.)

Some of the top-rated new car loans

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.

5.99%

6.37%

$387

Australian Credit Licence 237476

Fees & charges apply

New Car Loan (NSW, ACT & QLD only)

2024 Award Winner
$5k to $100k
1 to 7 years
Fixed Rate
Secured

6.48%

$391

Australian Credit Licence 238991

Fees & charges apply

Better Car Loan Fixed

2024 Award Winner
From $20k
0 to 5 years
New or used car
Fixed Rate

5.79%

$385

Australian Credit Licence 240712

Fees & charges apply

Vehicle Loan

$1k to $200k
5 years
New or used car
Variable Rate

6.19%

6.56%

$388

Australian Credit Licence 239933

Fees & charges apply

New Car Loan (Special)

$1k to $100k
0 to 7 years
Variable Rate
Secured

5.66%

up to 20.07%

6.45%

$384

Australian Credit Licence 474726

Fees & charges apply

Low Rate Car Loan Excellent Credit (Amount > $5000)

2024 Award Winner
$5k to $70k
3 to 7 years
New or used car
Fixed Rate