In August 2020, just under 61,000 new vehicles were sold, down from more than 85,000 in August 2019, according to the Federal Chamber of Automotive Industries (FCAI).

In the year to date, car sales figures are also down more than a fifth compared to 2019's period.

However, light SUVs continued to gain market share, up 12.2% in sales compared to August 2019.

This was aided by the likes of the the new Suzuki Jimny (+157.1%), Nissan Juke (+15.4%) and Mazda CX-3 (+3.6%).  

SUVs now also make up 53.1% of all new vehicles sold, up 7.5% on August 2019, while passenger cars (sedans, hatchbacks) decreased 5.9%. 

These figures are largely a continuation of the trend as seen in July's figures.

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Lender

VariableNew1 yearMore details
  • Available for purchasing new and demo vehicles
  • $5,000 to $150,000 loan amount
  • Redraw facility available up to $5000/day
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  • 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.
FixedNew99 yearsMore details
Loan amounts from $2k to $75k
  • Available for any new motorised vehicle
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
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Loan amounts from $2k to $75k

New Car Loan

  • Available for any new motorised vehicle
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
FixedNew1 yearMore details
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 yearsMore details

New Vehicle Fast Loan Low Rate

    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 February 28, 2024. View disclaimer.

    FCAI chief Tony Weber said the evidence was clear the effect state lockdowns has on car sales, with Victoria's new car sales down nearly two thirds.

    “We’ve seen 29 consecutive months of diminishing sales in this industry, and there’s no doubt our members are feeling the pinch," he said.

    "The move to commence the reopening of industry and markets, especially in Victoria, needs to start as soon as possible."

    In a rare bright spot on the FCAI report, hybrid SUVs increased their sales by 358.4%, aided largely by the likes of the new Toyota RAV-4 (+140.5%).

    Fully-electric SUVs also increased their sales by 23.3%. 

    Luxury SUVs also enjoyed popularity, with the new BMW X6 up 800% in sales for August, and the Mercedes-Benz GLE-Class Coupe's up 81.8%.

    The small Mercedes-Benz GLA-Class also increased sales by 37.7%.

    In larger bodies, the Mercedes-Benz GLS-Class is also up 221.4% in the 'Upper Large' category, and the Nissan Patrol is up 13.3%.

    No word yet on effectiveness of increased asset write-offs

    Light commercial vehicles (vans, utes) and SUVs made up 71.5% of vehicle sales in August 2020.

    However, with the small business instant asset write off quintupled to $150,000 and extended to the end of the year, it's unclear the effect it's having.

    "It is really difficult to quantify what specific effect that stimulant is having on these sales," an FCAI spokesperson told Savings.com.au.

    "In addition, every case of instant asset write off is different, so [it is] really hard to make a broad statement.

    "Nonetheless, the industry is clearly in a challenging situation, so all support and stimulants are very welcome."





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