Some of the top-rated car loans in June 2024

While Australia continues to grapple with high costs of living, sticky inflation and low economic growth, car sales are continuing to smash records. Electric and low emission vehicles are also continuing to grow in popularity, according to the latest sales figures.

The latest figures released by the Federal Chamber of Automotive Industries (FCAI) show a new record number of 111,099 vehicles sold for May 2024, up 5.1% on the 105,694 sold at the same time last year. The year-to-date sales are now 512,753, up 55,920 vehicles compared to the 456,833 vehicles at the same period last year.

FCAI chief executive, Tony Weber, said that the latest record-breaking month underscores the ongoing strength of the industry, and its “ability to meet diverse needs of Australian motorists despite current economic challenges.”

“The Australian market is one of the most open and competitive in the world which supply consumers with a wide choice of vehicle across all segments and price categories.”

Highest selling car manufacturers in May 2024

• Toyota (23,389 sales)
• Ford (8806 sales)
• Mazda (8002 sales)
• Kia (7504 sales)
• Hyundai (6495 sales)

Highest selling car models in May 2024

• Ford Ranger (5912 sales)
• Toyota Hilux (5702 sales)
• Toyota RAV4 (5517sales)
• Isuzu D-Max (2612 sales)
• Toyota Landcruiser (2,578 sales)  

Out of the vehicles sold in May 2024, hybrid and plug-in hybrid vehicles made up 15.8% of the market, compared to 7.9% in the previous year. Battery electric vehicles also saw a rise in sales of 8.1%, up from 7.7% at the same month last year.

Whatever make or model vehicle you’re in the market for, you have a choice of finance options to consider before you buy. To help speed your search, RateCity’s Real Time Ratings™ 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.)

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