Some of the top-rated car loans in November 2024

In October 2024, the Australian vehicle market surpassed one million new car sales for the year, with 98,375 new vehicle sales recorded. Although this was the second-highest October result on record, sales showed a slight decline, down 7.9% from the same month last year, as growth continued to ease in the final quarter of the year.

Federal Chamber of Automotive Industries (FCAI) chief executive Tony Weber highlighted that while the October results were solid, private buyer sales showed a noticeable dip, dropping 14.2% in October after a 17.2% dip in September. “This indicates that economic pressures are a concern for families across the country,” Mr. Weber commented.

Highest-selling car manufacturers in October 2024:

• Toyota (18,471 sales)
• Ford (8,581 sales)
• Mazda (7,656 sales)
• Hyundai (7,086 sales)
• Kia (6,602 sales)

Highest-selling car models in October 2024:

• Toyota RAV4 (4,841 sales)
• Ford Ranger (4,757 sales)
• Toyota HiLux (4,523 sales)
• Ford Everest (2,668 sales)
• Isuzu Ute D-Max (2,295 sales)

Talking of trends, battery electric vehicle (EV) sales saw modest growth, despite tax benefits through the FBT concession (available to some buyers) and new brands entering the market. Data shows that EVs hold strong appeal within the medium passenger segment, representing nearly 50% of sales in this category. However, this segment remains a small portion of the overall vehicle market, limiting EVs' broader market impact.

Mr Weber also noted the expanding range of choices for Australian consumers, with new plug-in hybrid models entering the SUV and Light Commercial segments—areas traditionally dominated by petrol and diesel. This shift is noteworthy given the high popularity of SUVs and Light Commercial vehicles in Australia.

If you’re looking to buy a new set of wheels and considering a low-emission vehicle, there are plenty of financing options available, including green car loans. These loans are designed to incentivise environmentally friendly purchases, often offering lower interest rates or fees. However, they may come with specific eligibility criteria for the types of vehicles you can finance. Be sure to read the fine print to understand what qualifies as an eco-friendly vehicle for the particular loan and to confirm your eligibility.

For a quicker and simpler car loan comparison, you could consider using RateCity’s Real Time Ratings™. These simple star ratings reflect the cost and flexibility that each car loan offers at any given time, as they are updated regularly. The top-rated car loans in different categories are ranked on RateCity’s Car Loan Leaderboards, and may be eligible for a RateCity Gold Award.

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.