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.

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 which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2019. They are (in descending order): Credit Union Australia, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

Some providers' products may not be available in all states.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*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.

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author-avatar
Harrison joined Savings in 2020. He is an experienced journalist, with previous stints at News Corp and financial comparison site Canstar. With a keen interest in personal finance, Harrison is passionate about helping consumers make more informed financial decisions.

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