New year, new surge in car sales

author-avatar By
on February 03, 2021
New year, new surge in car sales

The latest new car sales data for January indicates sales are up 11.1% compared to January 2020.

However, January 2020's sales had an incredibly low floor, down about 15% from January 2019's sales, according to Federal Chamber of Automotive Industries (FCAI) figures released today.

There are still positive signs in last month's results, after some deep falls last year when the coronavirus took hold from March through June.

In total, 79,666 new cars were sold last month, with SUVs and light commercial vehicles - utes, vans - combining to make up nearly three quarters of all new vehicles sold. 


In the market for a new car? The table below features car loans with some of the lowest interest rates on the market.

Lender
Advertised rate Comparison rate* Monthly repayment Interest TypeVehicle TypeMaximum Vehicle AgeOngoing FeeApplication FeeTotal RepaymentEarly RepaymentInstant ApprovalOnline Application

FixedNew1 yearMore details

Green Car Loan

FixedNew, Used99 yearsMore details
APPLY ONLINE
  • No extra repayment or early exit fees
  • Up to $75,000 in loan amounts
  • Funding approved within 24 hours
APPLY ONLINE
FixedNew4 yearsMore details
GET APPROVED WITHIN 24 HOURS

Car Loan (New and Dealer Used) (< 5 years)

  • Approval in 24 hours
  • Balloon options to reduce repayments
  • No ongoing fees, no discharge fee
GET APPROVED WITHIN 24 HOURS

Car Loan (New and Dealer Used) (< 5 years)

  • Approval in 24 hours
  • Balloon options to reduce repayments
  • No ongoing fees, no discharge fee
FixedNew2 yearsMore details
QUICK APPLICATION PROCESS WITH NO FEES

New Vehicle Fast Loan Low Rate

  • Quick application process and no monthly fees
  • Low fixed interest rates with terms of up to seven years
  • New car loans cover cars up to 3 years old
QUICK APPLICATION PROCESS WITH NO FEES

New Vehicle Fast Loan Low Rate

  • Quick application process and no monthly fees
  • Low fixed interest rates with terms of up to seven years
  • New car loans cover cars up to 3 years old
FixedNew1 yearMore details
No ongoing fees

Plenti Car Loan

  • Interest rates ranked in the best 20%
  • No ongoing fees
  • Can apply online
No ongoing fees

Plenti Car Loan

  • Interest rates ranked in the best 20%
  • No ongoing fees
  • Can apply online
FixedNew, Used7 yearsMore details
No ongoing fees

Plenti Car Loan (Refinance)

No ongoing fees

Rates based on a loan of $30,000 for a five-year loan term. Products sorted by advertised rate. *The Comparison rate is based on a $30,000 loan over 5 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of January 18, 2022. View disclaimer.

Medium SUVs alone made up nearly one-fifth of all new vehicles sold, a class that includes the Nissan X-Trail, Mitsubishi Outlander, and Mazda CX-5.

Four-wheel drive crew-cab ute sales made up nearly all of the light commercial marketshare, too, accounting for one-sixth of total vehicles sold.

This segment includes the popular Toyota HiLux and Ford Ranger, which regularly hold top spot for overall makes and models sold, as seen in the table below.

Light commercial vehicles sold for business purposes outnumbered private sales at a rate of nearly two-to-one, even as incentives such as the increased instant asset write-offs ended.

However, overall, private sales led the charge, up 25.4% on the month, with business sales down 1.3%.

Alternative fuel vehicles continued to lag behind petrol and diesel sales, with just 296 electric vehicles sold in January.

However, this marks a 146.7% increase on January 2020's results, aided by relatively cheap electric vehicles such as the MG ZS (+327.6% on the month) hitting the market.

FCAI chief Tony Weber pointed to a rebound, coinciding with COVID restrictions easing.

"During the past three months sales had increased by 12.4% compared to the corresponding period twelve months earlier," he said.

"The January sales numbers are indicative of positive consumer confidence in the domestic economy. With attractive interest rates and a range of other economic indicators encouraging consumption, we hope to see this trend in new vehicle purchasing continue through 2021."

Top Ten Selling Vehicles, January 2021

Rank

Vehicle

January 2021 Volume

January 2020 Volume

Percentage Difference

1.

Toyota Hi-Lux

3913

2968

31.8%

2.

Ford Ranger

3120

2624

18.9%

3.

Toyota RAV4

3066

2290

33.9%

4.

Toyota Landcruiser

2388

1262

89.2%

5.

Mazda CX-5

2081

1859

11.9%

6.

Toyota Corolla

2062

2370

-13.0%

7.

Hyundai i30

1952

2038

-4.2%

8.

Mitsubishi Triton

1908

2075

-8.0%

9.

Isuzu Ute D-Max

1822

680

167.9%

10.

Nissan XTrail

1593

1467

8.6%

Source: Federal Chamber of Automotive Industries


Photo by Dylan McLeod on Unsplash

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison is passionate about breaking down complex financial topics for the everyday consumer.

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