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.

Lender

VariableNew1 year
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FixedNew99 years
More details
Loan amounts from $2k to $75k
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FixedNew1 year
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Approval within 24 hoursEarly payout available
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
Approval within 24 hoursEarly payout available

New Car Loan - Special (Fixed)

  • Required: Good credit history, stable employment history. Aus citizenship or PR.
FixedNew2 years
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New Vehicle Fast Loan Low Rate

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    The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

    Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of April 17, 2024. View disclaimer.

    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