New vehicle sales continue to struggle in Australia, with Australia’s peak automotive industry confirming a 20th consecutive month of falling sales figures.
According to the Federal Chamber of Automotive Industries (FCAI), there was a 9.8% decrease in sales of new cars in November 2019 compared to November 2018, with 84,708 cars sold in total.
On a year-to-date basis (1 January 2019-31 November 2019), total sales for 2019 have been recorded as 978,628 new cars, an 8.2% decrease on year-to-date 2018.
FCAI Chief Executive Tony Weber said it’s a tough market full stop for cars.
“The industry has been looking for a lift for some time now and has activated multiple levers to achieve some stimulation, including incentives, sales and special vehicle editions,” Mr Weber said.
“However, the appetite for new vehicles remains suppressed.
“On the bright side, there has never been a better time to purchase a new vehicle.”
December can often be a good time to buy a car, with current-year models set to become ‘old’ once the calendar ticks over.
A 2019 model doesn’t sound quite as sexy as a 2020 model, and prices may be dropped accordingly.
Mr Weber says the holiday season is indeed a great time to act.
“With over 60 brands and more than 350 models, the Australian market is one of the most competitive in the world,” he said.
“This is great news for consumers who have an abundance of choice and pricing options when it comes to selecting a new vehicle.”
Looking for a good value car loan? The table below displays a snapshot of some of the lowest-rate fixed-interest car loans for new cars.
|Company||Advertised rate||Comparison rate*||Monthly repayments|
|Green Car Loan||4.19%||4.73%||$370||More details|
|New Car Loan (Low Emission)||5.45%||5.66%||$381||More details|
|Car Loan (Up to 2 years old)||5.45%||5.80%||$381||More details|
|New Car Loan||5.49%||5.87%||$382||More details|
|Secured Car Loan Fixed||6.99% (up to 9.49%)||8.05% (up to 10.53%)||$396 (up to $420)||More details|
|Ad rate||Comp rate*||Repayments|
|Green Car Loan|
|New Car Loan (Low Emission)|
|Car Loan (Up to 2 years old)|
|New Car Loan|
|Secured Car Loan|
|6.99% (up to 9.49%)||8.05% (up to 10.53%)||$396 (up to $420)|
*Data accurate as at 16 January 2020. Rates based on a loan of $20,000 for a five-year loan term. Products sorted by advertised rate, then by company name (A-Z). View disclaimer.
Which cars sold the most?
As usual, the Toyota Hilux remains Australia’s most popular vehicle with 3,687 units sold, likely thanks to its popularity with tradespeople and businesses, although year-on-year sales have fallen by a significant 21%.
The Ford Ranger came in at number two with 3,491 units sold (a 0.6% decrease), while the third-placed Mitsubishi Triton saw a near 30% increase in sales (3,123 units sold in November 2019).
The 7th placed Toyota Camry saw a massive 54% increase in sales, while the Toyota Landcruiser rounded out the top 10 with 1,641 new sales in November.
Sales of cars in Western Australia were strong relative to the other states.
November new car sales in WA fell by just 0.8% – every other state saw a decline of at least 9%.
The Northern Territory, for example, saw a 20.7% fall, while the ACT and South Australia had falls of just under 15%.
- More gain, less pain for Australian property market as more properties sell for a profit
- How to buy property through an SMSF in Australia
- When do CommBank, NAB, ANZ and Westpac think the next RBA rate cut will be?
- ANZ, Westpac, Bankwest cut rates on home loans
- Term deposit wrap: CBA and ANZ cut rates