Keeping supply chains open and operating smoothly through the pandemic and the surge in the demand for home deliveries and online shopping has created a lot of extra work for truck owners and operators. Extra work which in many cases has called for the need to purchase new trucks. Small businesses have also found the need to purchase a truck to be able to compete in the online ordering space. Add in the appeal of temporary full expensing and cheap interest rate truck loans and the scenario was primed to deliver impressive truck sales figures. The truck sales figures for the past year have been released and the 2021 highest selling trucks also revealed.
For those in the market for a new truck, checking out the 2021 highest selling trucks can provide insights for buyers. But global supply chain issues and shortages of computer chips impacted the truck manufacturing sector over the past few years, the sales figures by brand should be reviewed in context. Some brands had particular issues which may be reflected in their sales results.
Overall Yearly Truck Sales
The sales of new trucks for 2021 fell just marginally short of the record set in 2018. Tony McMullan, CEO of the Truck Industry Council (TIC) on release of the figures described the result as not a small achievement due to the multiple issues faced by the industry.
Light duty trucks posted the best growth in 2021 compared with the other segments. But overall the sales were up 20% compared with 2020. A number of brands including Fuso and Mercedes-Benz posted impressive results primarily on the back of release of key new models.
Brand Sales Results
While it is great for the truck manufacturing sector to post great overall figures, for potential buyers, the main interest is in which particular makes are drawing the greatest interest from buyers. In other words, which trucks were the best sellers? When considering best-selling figures it is worth noting what percentage growth that brand posted over the previous year as well as their ranking. Also keep in mind if that badge released a particularly impressive model last year.
Top seller again and for the 33rd year in a row went to Isuzu (23% growth), followed by Hino (30% increase), Fuso (35% increase), then Kenworth, Mercedes, Volvo followed by IVECO then Scania and UD Trucks with DAF rounding out your top ten overall highest selling truck brands.
Segment Highest Sellers
The figures are further broken down into heavy, medium and light duty segments.
Heavy duty trucks have been in high demand to keep the supply chains open especially in stocking supermarket shelves during the pandemic.
Heavy Duty Highest Selling Truck Brands:-
- UD Trucks
Medium Duty Highest Selling Truck Brands:-
- UD Trucks
- Dennis Eagle
Light Duty Highest Selling Truck Brands:-
Securing a High Selling Truck with a Low Interest Rate Loan
Clearly many truck operators have taken advantage of the low lending rate situation and temporary full expensing to acquire new trucks to expand their fleet or upgrade to new models. Not only can cheap loans and investment incentives deliver financial benefits to a business, but upgrading to more fuel efficient and reliable vehicles can improve productivity to deliver a benefit to profitability.
New generation trucks typically include advanced safety features which provide improved safety for the truck, driver and other road users. An important consideration for all responsible truck operators.
Truck buyers have the choice of a number of loan types for their new purchase:-
- Truck Lease
- Truck Rental (Rent to Buy)
- Chattel Mortgage
- Commercial Hire Purchase (Hire Purchase)
For those looking at temporary full expensing, Chattel Mortgage is the way to go. With this form of finance the truck is posted to the balance sheet of the borrower and a tax deduction realised through depreciation of the asset.
With Lease and Rental, the truck remains under the ownership and on the balance sheet of the lender. The borrower does receive a tax deduction as the lease and rental payments are tax deductible.
Another attractive reason to purchase new trucks now is to take full advantage of the current low interest rate situation and avoid the inevitable rate rises. Jade Finance arranges truck loans at a fixed interest rate. This means that the cheap rate achieved when the loan is set up remains in place for the full, up to 7 years, of the truck loan term. So when rates rise (the RBA is saying 2024 but some think it will be sooner) fixed interest rate loans will be unaffected.
Plenty of solid reasons to upgrade your truck or your entire fleet with a model from one of the highest sellers of 2021.
Contact Jade Finance 1300 000 008 to apply for cheap interest rate truck finance.
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