This means that 78,000 fewer cars were sold in the first ten months of this year, compared with October 2018.

A total of 82,456 cars were sold in October 2019.

The Federal Chamber of Automotive Industries (FCAI) released the new sales figures for the month.

FCAI chief executive Tony Weber said several factors are behind the lagging sales figures.

“While the drought and other domestic conditions are impacting the market, our key concern is the effect over-regulation of the financial sector is having on new vehicle sales,” Mr Weber said.

total vehicle sales

Source: FCAI

“The FCAI and our members have been concerned about the risk-averse approach to lending in Australia for some time and see improved access to finance as a key to driving economic growth in 2020.”

Sales were down across all buyer types, including private (5.2%), business (8.2%) and government (7.3%), which Mr Weber said was interesting.

Toyota remains the leader as the most popular car brand, followed by Mazda and Hyundai.

Rank Car brand Total sales YTD Total sales October 2019
1 Toyota 171,503 16,988
2 Mazda 85,427 6,370
3 Hyundai 73,944 7,455
4 Mitsubishi 69,317 4,811
5 Ford 53,495 4,891
6 Kia 51,422 5,062
7 Nissan 42,354 4,011
8 Volkswagen 41,929 4,220
9 Holden 37,301 3,086
10 Honda 36,971 2,761

The Toyota Hi-Lux remained the top-selling vehicle for the month with 3,516 sold, followed by the Ford Ranger (3,160), the Hyundai i30 (2,216), the Toyota RAV4 (2,132) and the Toyota Corolla (2,117).

Rank Vehicle Oct 19 Oct 18 % diff
1 Toyota Hi-Lux 3,516 4,401 -20.1%
2 Ford Ranger 3,160 3,511 -10.1%
3 Hyundai i30 2,216 2,049 8.2%
4 Toyota RAV4 2,132 1,582 34.8%
5 Toyota Corolla 2,117 2,663 -20.5%
6 Toyota Landcruiser 2,101 1,970 6.6%
7 Kia Cerato 1,827 1,338 36.5%
8 Mazda CX-5 1,708 2,000 -14.6%
9 Hyundai Tucson 1,693 1,530 10.7%
10 Nissan XTrail 1,592 1,644 -3.2%

The declining car sales figures are yet another sign of a struggling economy, with figures released earlier this week showing a slump in retail sales figures.

Some industry players believe the rise of car subscription services may be behind the falling new car sales.

Last month, Hyundai announced it would be joining car subscription service Carly, allowing motorists to subscribe to new and used Hyundai vehicles in Australia.

Carly CEO Chris Noone said car ownership is changing as finance gets harder to obtain.

“Car finance is getting harder to obtain and banks are cracking down on lending, especially after the banking Royal Commission,” Mr Noone said.

“This is a new age for car ownership in Australia. The goalposts have definitely shifted from outright purchase and debt financing to more flexible arrangements to suit lifestyle and personal circumstances.”

Earlier this year, Melbourne-based car subscription service Carbar launched in Sydney, with plans for a broader roll out across the rest of the country.

Jaguar Australia recently announced it would be partnering up with Carbar.

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.

Update resultsUpdate
Filters
LenderCar LoanInterest Rate Comparison Rate* Monthly Repayment Interest Type Vehicle Type Maximum Vehicle Age Ongoing Fee Upfront Fee Total Repayment Early Repayment Instant Approval Online Application TagsRow TagsFeaturesLinkComparePromoted ProductDisclosure
6.59% p.a.
7.72% p.a.
$588
Fixed
New
No Max
$8
$400
$35,295
  • Demo vehicles accepted up to 7,500km
  • 3-7 year loan terms available
  • Balloon option available for fixed rates
 Disclosure
6.57% p.a.
7.19% p.a.
$588
Fixed
New
No Max
$0
$250
$35,278
  • No vehicle age limit
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
 Disclosure
6.52% p.a.
6.95% p.a.
$587
Fixed
New, Used
No Max
$0
$350
$35,236
  • A leading Australian Finance Broker with proven experience you can trust
  • We've assisted more than 150,000 customers access over $8 billion in finance!
  • We are the experts at getting the keys in your hands
 Disclosure
5.66% p.a.
6.45% p.a.
$575
Fixed
New, Used
No Max
$0
$275
$34,515
5.99% p.a.
6.34% p.a.
$580
Fixed
New
No Max
$0
$250
$34,791
6.25% p.a.
6.52% p.a.
$583
Fixed
New
No Max
$0
$195
$35,009
6.49% p.a.
6.84% p.a.
$587
Fixed
New, Used
No Max
$0
$250
$35,211
6.49% p.a.
7.90% p.a.
$587
Fixed
New, Used
No Max
$15
$250
$35,211
6.29% p.a.
6.72% p.a.
$584
Fixed
New
No Max
$0
$0
$35,042
7.99% p.a.
8.99% p.a.
$608
Fixed
New, Used
No Max
$9
$265
$36,489
7.99% p.a.
8.27% p.a.
$608
Fixed
New
No Max
$0
$200
$36,489
More car loans
  • Available for purchasing new and demo vehicles
  • $5,000 to $150,000 loan amount
  • Redraw facility available up to $5000/day
  • Required: Good credit history, stable employment history. Aus citizenship or PR.

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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 . View disclaimer.

Important Information and Comparison Rate Warning