The Truck Industry Council (TIC) has released the November figures for sales in the truck market with the best selling trucks manufacturers noted in each segment. The truck sales results for 2022 have so far been very good and the November results indicate that this could be a record year. The attractive tax benefits available through temporary full expensing and the RBA’s remarks about more rate rises could be contributing to the strong sales.
But a new truck purchase can also be highly beneficial to a business from an operational perspective. Acquiring one of the best selling trucks with cost-effective truck finance can deliver increased productivity and efficiency and benefit the environment. Manufacturers focus on new technologies with low emission engines to contribute to helping the industry play its part in achieving climate change objectives.
More efficient engines can reduce fuel and maintenance costs to the business. A new vehicle may also mean less downtime for repairs compared with an older one which can be a direct contributor to increased income, especially for contractors.
We review which brands sold most units in November to assist buyers with their selection and outline the truck finance options to ensure the acquisition is a cost-effective decision.
November Sales Overview
Compared with November last year, total sales for trucks in November this year increased by 16%. This leaves the total for 2022 only slightly below the record for sales which was set in 2018 with one month to go this year. Comparing 2021 to 2022 on a YTD basis, sales are up 6.3%.
Isuzu was the best selling trucks brand overall with an increase of nearly 31% when compared with the result of 2021. Second place went to Hino which increased sales by 3.4% on the same comparison period then Fuso was third, recording a 4.3% increase over the same comparison period. Kenworth increased sales by 7% YTD to slot into fourth overall with Volvo rounding out the leading 5 manufacturers overall. Volvo posted a massive 44% increased sales in the comparison period.
As we have noted each time we have reported on best selling cars and trucks over the past few years, stock availability should be taken into account. While supply chain and computer chip issues on a global basis have started to show some easing in some markets, supply of some makes or models may still be impacted. If a manufacturer has a shipment arrive or releases a new truck model, that can be reflected in a spike in sales in a particular month. When considering YTD figures compared with 2021, the conditions in the market last year should also be kept in mind.
Best Selling Trucks per Category
The best selling trucks each month are reported based on manufacturer for the heavy, medium and light duty categories. Sales figures are compared with the same month in the previous year and on a year-to-date basis for comparison purposes.
Heavy-duty category: Kenworth was the best seller for November 2022 and with an increase of nearly 7% over the comparison period. With its huge 44% jump in sales, Volvo was second in this segment. Isuzu’s heavy vehicles also showed a great increase in sales of nearly 42% to finish in third place for this category. Then came Scania with a fall in sales of nearly 4% followed by UD Trucks which posted the most impressive increased sales – just over 75% (YTD).
Medium duty trucks are extremely popular due to their versatility and suitability for many applications across many industries. Though sales for this past month when compared to the figure the same month last year, only increased by 1.2% This segment is dominated by the same three brands and the results for November continued this trend. Isuzu came in with the highest sales, followed by Hino and then Fuso.
Delving into the specifics on a YTD basis we see an increase for Isuzu of just over 20% and for Hino of just shy of 1% but a drop for Fuso of just over 8%. UD Trucks posted an increase on last year of just over 13% to be fourth for November 2022. IVECO’s sales in this segment were also up by nearly 35% on that YTD comparison. But even that great result only placed the brand in fifth position.
Isuzu led the light duty category sales for the month with just over 33% rise YTD followed by Hino, Fuso, IVECO and Mercedes-Benz. Sales in this segment continue to be positive.
If this positive sales trends continue for December, the truck industry could be looking at a record sales year.
Truck Finance Options
Ensuring the purchase of one of the best selling trucks is a positive business decision may come down to the truck finance. Specifically, that the interest rate is the cheapest achievable, the finance term results in a repayment schedule that works with cash flow and the loan conditions required by the lender do not negatively impact the business. We assist truck operators to achieve the cheapest rates across the full selection of loan products by negotiating directly with our lenders on behalf of customers.
While the interest rate is a main focus of achieving a cheaper truck loan, additional benefits can be realised through measures such as temporary full expensing. This is only available through this financial year and Chattel Mortgage is seen as the truck finance product suited to this tax measure.
To assist with planning the acquisition of one of this month’s best selling trucks, speak with us about pre-approved truck finance.
Contact Jade Finance 1300 000 008 for cheaper finance for best selling trucks
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.
