Car sales down again, but some signs of positivity

author-avatar By
on November 05, 2020
Car sales down again, but some signs of positivity

Photo by Steven Striegel on Unsplash

October marked 31 consecutive months of new car sales declines, but sales were only 1.5% down compared to October last year.

Just over 81,000 new cars were sold Australia-wide in October 2020, slightly down on October 2019's sales of just over 82,000.

This is according to the latest Federal Chamber of Automotive Industries' (FCAI) 'VFACTS' report.

These figures look a lot better than September's dismal results, and many other months in 2020, as well as year-to-date sales down nearly a fifth compared to the corresponding period last year.

Many states had sizeable increases in sales compared to October 2019, with the only two states down: Tasmania (-16.1%), and Victoria (-28.3%). 

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

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

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
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
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
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
FixedNew, Used7 yearsMore details
No ongoing fees

Plenti Car Loan (Refinance)

No ongoing fees
FixedNew, Used7 yearsMore details
NO ONGOING FEESAPPLY ONLINE

Secured Car Loan Fixed

  • No ongoing fees
  • No early exit penalty
  • Can apply online
NO ONGOING FEESAPPLY ONLINE

Secured Car Loan Fixed

  • No ongoing fees
  • No early exit penalty
  • Can apply online

Base criteria: fixed and secured car loans for 'low emission' cars. Data accurate as at 01 September 2020. Rates based on a loan of $30,000 for a five-year loan term. Products sorted by advertised rate. Repayments are calculated based on advertised rates. *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 21, 2022. View disclaimer.

FCAI chief Tony Weber said easing coronavirus restrictions led to promising signs.

“Nationally, the state of industry operations is returning to normal as COVID-19 restrictions ease," he said.

"Additionally, Government initiatives such as a constructive budget that included the instant asset write off, along with more accessible finance for consumers, is also acting as a welcome stimulus for the industry.

"The green shoots that we are seeing in October give us great hope that we may begin to see further recovery during the coming months."

Sales were largely boosted by SUVs and light commercial vehicles (utes and vans), up 6.7% and 11.6% respectively when compared to October 2019.

Most notably, Upper Large SUVs are up 33%, and Light SUVs are up 27.5%.

The top five selling models for the month were:

  • Toyota HiLux with 4,444 sales;
  • Ford Ranger with 4,217 sales;
  • Toyota RAV4 with 4,084 sales;
  • Toyota Landcruiser with 2,429 sales; and
  • Toyota Prado with 2,207 sales.

Overall, out of 81,220 total sales in October, 60,372 were SUVs or light commercial vehicles - approximately three quarters.

 


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.

Latest Articles

author-avatar
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.

Be Savings smart.
Subscribe for free money newsletters.

By subscribing you agree to the Savings Privacy Policy