New car sales figures in reverse again

The Federal Chamber of Automotive Industries’ (FCAI) new vehicles sales figures for September show a 6.9% decline of new car sales in September 2019 compared to September 2018.

This is a decline of 6,530 vehicles.

Year-to-date (January 2019 – September), a total of 811,464 new vehicles were sold, a decrease of 69,541 vehicles, or 7.9% over the same period last year.

FCAI Chief Executive Tony Weber said these slower sales are in line with the broader economic environment in Australia.

“Of particular concern to the industry is the restrictive regulatory lending conditions currently facing consumers,” Mr Weber said.

“The question has to be asked – are these results telling us we have made it too difficult for people to finance basic purchases in today’s Australia?”

Responsible lending and access to credit – such as car loans – have been a hot topic lately, with the Treasurer himself pushing particularly hard against overly stringent lending standards.

“It’s in everyone’s interest that the aspirations of hard-working families are not collateral damage in this regulatory process,” Treasurer Josh Frydenberg said at a property summit last week.

“If responsible lending laws are applied too stringently, they will also negatively impact consumer behaviour.

“Clearly, the risk that the provision of credit may cause substantial hardship to some should not result in a significantly reduced ability to access credit by the vast majority of borrowers.”

Looking for a low-rate car loan? The table below displays some of the lowest fixed car loan rates on the market for new cars.

Loan duration5 years

Loan amount

Update results

Compare

Rates

Features

Fees

Other

Lender	Advertised rate	Comparison rate*	Monthly repayment	Interest Type	Vehicle Type	Maximum Vehicle Age	Ongoing Fee	Application Fee	Total Repayment	Early Repayment	Instant Approval	Online Application	as ofDecember 10, 2023
	7.09%p.a.	8.21%p.a.	$595	Fixed	New	1 year	$8	$400	$35,719				More details
Approval within 24 hoursEarly payout available	New Car Loan - Special (Fixed) 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. More details
	6.09%p.a.	7.21%p.a.	$581	Fixed	New	1 year	$8	$400	$34,874				More details
FEATUREDApproval within 24 hours	Green Car Loan Fixed Save the planet. Save thousands on your car loan. 1% discount on qualifying electric cars Required: Good credit history, stable employment history. Aus citizenship or PR.
FEATUREDApproval within 24 hours Green Car Loan Fixed Save the planet. Save thousands on your car loan. 1% discount on qualifying electric cars Required: Good credit history, stable employment history. Aus citizenship or PR. More details
	6.99%p.a.	7.72%p.a.	$594	Variable	New	99 years	$$formattedAmount.format("%,d",${value})	$520	$35,634				More details
	New Car Loan (Home Owner)
New Car Loan (Home Owner) More details
	7.29%p.a.	8.00%p.a.	$598	Fixed	New	2 years	$0	$499	$35,889				More details
	New Vehicle Fast Loan Low Rate
New Vehicle Fast Loan Low Rate More details
	6.57%p.a.	7.19%p.a.	$588	Fixed	New	99 years	$0	$250	$35,278				More details
APPLY ONLINE	New Car Loan Available for any new motorised vehicle No ongoing or early exit fees Flexible repayment options
APPLY ONLINE New Car Loan Available for any new motorised vehicle No ongoing or early exit fees Flexible repayment options More details
	7.24%p.a.	8.36%p.a.	$597	Variable	New	1 year	$8	$400	$35,846				More details
	New / Demo Car Loan (Variable)
New / Demo Car Loan (Variable) More details
	7.29%p.a.	8.41%p.a.	$598	Fixed	New	1 year	$8	$400	$35,889				More details
	New / Demo Car Loan (Fixed)
New / Demo Car Loan (Fixed) More details
	7.99%p.a.	8.27%p.a.	$608	Fixed	New, Used	99 years	$0	$195	$36,489				More details
	New or Used Car Loan Special
New or Used Car Loan Special More details
	7.49%p.a.	7.99%p.a.	$601	Fixed	New, Used	7 years	$0	$249	$36,060				More details
No ongoing fees	Plenti Car Loan (Refinance)
No ongoing fees Plenti Car Loan (Refinance) More details
	8.25%p.a.	8.98%p.a.	$612	Variable	New	99 years	$$formattedAmount.format("%,d",${value})	$520	$36,713				More details
	New Car Loan (Non-Home Owner)
New Car Loan (Non-Home Owner) More details
	8.27%p.a.	8.27%p.a.	$612	Fixed	New, Used	99 years	$0	$595	$36,731				More details
	Unsecured Car Loan Excellent Credit
Unsecured Car Loan Excellent Credit More details
	7.95%p.a.	8.16%p.a.	$608	Fixed	New	5 years	$0	$150	$36,454				More details
	Fixed Car Loan (New)
Fixed Car Loan (New) More details
	8.99%p.a.	9.33%p.a.	$623	Fixed	New, Used	7 years	$5	$0	$37,356				More details
	Secured Car Loan
Secured Car Loan More details
	9.24%p.a.	9.86%p.a.	$626	Variable	New, Used	10 years	$5	$195	$37,575				More details
	Car Loan
Car Loan More details
	9.49%p.a.	10.82%p.a.	$630	Fixed	New, Used	99 years	$9	$474	$37,795				More details
	Car Loan
Car Loan More details

Advertisement

New - Home Owner Special

Product Features

• Redraw facility available up to $5000/day
• Available for purchasing new and demo vehicles
• $5,000 to $150,000 loan amount
• Required: Good credit history, stable employment history. Aus citizenship or PR.

Monthly repayments:$583

6.24%Advertised Rate (p.a.)

7.36%Comparison Rate*

More details

Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

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 December 10, 2023. View disclaimer.

September car sales – by the numbers

Toyota was the market leader in September, followed by Mitsubishi and Mazda.

These brands made 15,166, 8,990 and 8,168 sales in September respectively.

Year-to-date, Toyota remains the market leader with 154,515 sales so far in 2019.

In terms of individual cars, the Toyota Hilux was (as usual) the most popular, with 3,364 individual sales in September.

This is a 22.5% fall from September last year however.

The third most popular car, the Mitsubishi Triton, led Mitsubishi’s charge up the rankings with a 61.6% increase in sales to 3,001.