Car sales circuit breaker: November posts rebound

author-avatar By on December 03, 2020
Car sales circuit breaker: November posts rebound

November car sales data was up 12.4% month on month, putting an end to nearly three years of consecutive monthly declines.

November's sales were up 12.4% compared to November last year, up to 95,205 units from 84,708, according to the Federal Chamber of Automotive Industries' (FCAI) 'VFACTS' report.

October's results were down just 1.5%, marking 31 consecutive months of decline.

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

FCAI chief Tony Weber welcomed the positive turnaround.

“Why are we seeing an improvement now? We believe there are a few contributing factors, including rising optimism from the Australian public as COVID-19 restrictions ease," Mr Weber said.

“This increase in consumer confidence is backed by government support programs during the pandemic, the easing of lending restrictions, and the current competitive automotive market.

“We also believe that, given our inability to travel internationally, many Australians are choosing to purchase a new vehicle and holiday at home this year – and we fully expect to see a notable increase in family driving trips over the Christmas season."

Year-to-date, however, sales are down 16.1% on the same period last year.

In total, SUVs claimed 52.5% of the market share in November, and light commercial vehicles (utes, vans etc.) claimed 22.3%. 

Of the top ten-selling vehicles, just two (in bold) weren't an SUV or ute.

  1. Toyota HiLux - 5,038
  2. Ford Ranger - 4,260
  3. Toyota RAV4 - 3,800
  4. Toyota Landcruiser - 2,947
  5. Toyota Corolla - 2,774
  6. Toyota Prado - 2,602
  7. Mazda CX-5 - 2,412
  8. Isuzu D-Max - 2,095
  9. Hyundai i30 - 2,047
  10. Hyundai Tucson - 1,995

In the top ten, the Toyota Prado posted the biggest gain on November 2019's sales, up 116.1%. 

Passenger vehicle (hatchbacks, sedans) sales continued to dwindle, down 10.1% compared to November 2019.

Throughout the pandemic, used car sales' values have been soaring according to Moody's Analytics. 

The 'utility' segment, which includes utes and SUVs, had increased 32% in value, however Moody's auto economist Michael Brisson in August said this could be short-lived. 

Used car sales' rising values in 2020 have coincided with new car sales dwindling. 


Photo by Frankie Dixon 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.

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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