Motor vehicle finance, both business and private, is one of our biggest lending sectors and our customers are always keen to know what’s currently hot on the market. The motor vehicle industry releases monthly sales statistics which are broken down by model and state and can give buyers an indication of what others bought and therefore what may be worth a look at. These are based on new vehicles only.
The August 2021 vehicle sales figures are impressive when considered in context. The global microprocessor chip shortage is causing production hold-ups in factories across the world and delays in vehicles getting to our market for sale. The period also saw millions of Australians in COVID lockdown and car dealer showrooms closed in many states. Conditions which made it difficult to actually get out and inspect vehicles and difficult for dealers to have the stock to sell.
Many dealers are reporting strong orders but still waiting stock from the vehicle makers to fill those orders. It is unclear how long this situation will persist, but Toyota only recently announced it was cutting production by 40% in some factories due to supply chain issues, specifically the chip shortage.
Despite these challenges, sales for August 2021 were up 33% compared with August 2020 as reported by the FCAI. In the release of the figures, the industry body noted that manufacturers were utilising resources to engage with customers while at home and in isolation. Dealers have also adopted online selling resources over the past 12+ months to assist buyers to secure their vehicles.
Top Sellers for the Month
SUVs have been the best-selling category of vehicles for some time and once again, SUVs outsold passenger vehicles for August. But note, this category also takes in the work vehicles.
Now for the top 10 for August 2021. Once again Toyota tops the chart with the HiLux and continues as the top-selling brand for the year to date. Coming in second, arguably the HiLux’s biggest rival, the Ford Ranger. Having two work vehicle models topping the best sellers may also reflect the timing – tax time. We know that many of our business customers have been purchasing new vehicles to take advantage of the tax measures of temporary full expensing and IAWO.
In third place we finally get to passenger cars and more private-ride models. The Toyota Corolla is 3rd followed by Toyota’s RAV4 and then its Prado in 5th place. With 4 entries in the top 5, it’s not surprising that Toyota has a stranglehold on top selling brand position.
Next we start to see the Japanese and Korean makers. In 6th position is the Mazda CX-5, followed by the Hyundai i30, the Isuzu D-MAZ, MG ZS and rounding out the 10, the Mitsubishi Outlander.
While it is always interesting to check out the sales figures each month, under the current extraordinary conditions, the stats may more reflect what manufacturers actually had the stock to move rather than popularity. According to reports, one of the usual good sellers such as Nissan with its highly popular Navara is in such a position.
While the individual model rankings may be skewed slightly by the strong business work vehicle market, it is also interesting to stay across what brands are selling well across their ranges. The top brands figures are also released and ranked on a ‘year to date’ basis.
Toyota secures top spot, followed by Mazda with Hyundai in third and Ford fourth. Then we start to see some of the extremely familiar names and popular brands in the private vehicle market – Kia, Mitsubishi, Nissan, VW, MG and Subaru.
As far as vehicle types, as mentioned earlier, SUVs were the top sellers and mid-size market remained the strongest category.
Securing Your New Vehicle
With the latest stats as inspo, time to start making plans for your next vehicle purchase. As we’ve mentioned several times, availability may end up being a big driver for your final selection. While some buyers will scour the market and look at multiple makes and models, others have firm ideas of exactly which vehicle they want. With the current stocking issues and delays in delivery, those looking to buy now may have to approach the process with a more open mind.
Being ready to place your order on the first discussion with a car dealer or first inspection may make delivery that bit sooner and you may be able to capture a showroom vehicle. To enable that to occur, we provide pre-approved car loans across our loan portfolio.
Pre-approved loans are available for both business and private buyers. These are sourced and secured at the same interest rates as for loans organised after purchase, so no problems there. Also no problems if you can’t secure the vehicle right now. There is no obligation attached to our pre-approved loans.
For buyers that do access a vehicle to buy right now, just give us a call and take advantage of our quick quotes, fast approval and prompt settlements for motor vehicle finance.
Good luck with your car buying and remember to keep our car loan calculator handy on your phone to work out rough estimates when in the showroom.
Contact Jade Finance 1300 000 008 to discuss motor vehicle finance for business and private vehicles.
DISCLAIMER: NO LIABILITY IS ACCEPTED IF ERRORS OR MISREPRESENTATIONS ARE FOUND IN THIS ARTICLE. THE ARTICLE IS PREPARED AND PRESENTED FOR GENERAL INFORMATIVE PURPOSES AND IS NOT INTENDED TO BE THE SOLE SOURCE OF INFORMATION FOR MAKING FINANCIAL DECISIONS. THOSE REQUIRING GUIDANCE AND ADVICE SHOULD CONSULT A FINANCIAL ADVISOR.