The remarks from the Reserve Bank of Australia Board including its Governor, Philip Lowe, that rates are expected to go up again, could be the incentive for business owners to upgrade vehicles now. The prospect of paying a higher interest rate on business vehicle finance by putting off the decision, could be costly. Especially at a time when costs in general are extremely high due to the high rate of inflation.
Another incentive is the deadline looming for the end of temporary full expensing. The general tax deduction of the full purchase price of eligible vehicles in the year of purchase, could be an extremely welcome savings on tax payable when due later this year.
Selecting which particular make or model to purchase can be made easier by referring to the rankings for recent top sellers. This data is available across multiple vehicle categories, including those popular for business purposes – utes, vans, SUVs and sedans.
To make upgrading work vehicles extremely cost-effective, Jade Finance offers cheaper business vehicle finance with the best rates sourced from more lenders. The vehicle lending market is extremely vast and highly competitive and using our broker-style lender services can cut through quickly and easily to secure the cheapest rates.
Business vehicle finance is available on all types of vehicles that are approved as business vehicles under ATO rulings. That can include utes and can chassis models for trades and site operators; SUVs for reps that need to carry stock and display materials; light commercial vans for pick-ups and deliveries; and passenger cars such as sedans and coupes for company executive use.
Employers can consider Novated Leasing with Salary Sacrificing as an option for providing vehicles for employees. Speak with us about how this could work for your business.
Latest Top Selling Utes and Vans
There was a surprise in the January sales figures with the Ford Ranger outselling the Toyota HiLux. This has happened in 2022 at least for one month, but it is rare for the HiLux to be nudged from top spot. Toyota held top selling brand in total sales across all categories.
Also worth considering is Isuzu’s D-MAX which came in 7th in the top 10 across all categories.
In specific ute segments:-
- Utes with a price tag below $100,000, Ford Ranger was first, Toyota HiLux second and Isuzue D-MAX third.
- Utes with a price tag above $100,000, the 1500 model from RAM came in first followed by the Silverado by Chevrolet and then Chevy’s HD.
In the van market, the data is reported for models below 2.5t and with 2.5 -3.5t capacity. For the smaller vans, the Volkswagen Caddy sold most followed by Peugeot’s Partner and then the Kangoo from Renault.
In the larger category, the Toyota HiAce sold most units, followed by the Staria Load and then Ford’s Transit Custom.
SUVs for Reps, Business Owners and General Purposes
Company reps traditionally were supplied with station wagons. But the trend toward SUVs has been so big and resulted in a massive selection with better flexibility and appear to be outshining the humble wagon.
Business owners have a choice in style, features and pricing when selecting SUVs. Speaking with us about the business vehicle finance may assist with making the choice as to which SUV will deliver the best cost outcomes for the business.
If looking at medium-sized models below $60,000, the top sellers for last month were Mazda’s CX-5, Toyota's RAV4 and the Outlander from Mitsubishi. In the same size range but above that price point, the Tesla’s Y Model was a best seller, followed by BMW’s X3 and then the GLC from Mercedes-Benz.
For larger models but still in an affordable price range below $70,000 take a look at the Everest, Prado or Sorento. Above that price mark, consider the GLE from Mercedes-Benz, BMW’s X5 and Audi’s Q7.
To see how repayments may differ if stepping up to the higher price point, based on our current cheap interest rates, estimates can be calculated with our car loan calculator.
Cars for Execs and other Employees
If providing a vehicle for an executive, consider the latest top selling passenger cars in the more luxury categories. For a medium size car, consider Tesla’s Model 3 which featured in the top 10 overall best sellers for the month.
For larger cars, top sellers included the Stinger, Skoda’s Superb and CSX from Citroen in the less than $70,000 price range. Above that price range, more buyers were attracted to Audi’s e-tron GT, BMW’s 5 series and the EQE from Merc. Upper
Business Vehicle Finance Options
Regardless of the actual vehicle make or model, our portfolio of finance types will apply – Chattel Mortgage, Commercial Hire Purchase and Leasing. As we are accredited with more than 60 lenders in the market, there is no need for business owners to waste their time sourcing quotes from multiple banks and finance companies.
Compare our business vehicle finance interest rates or just give us a call to start sourcing the cheapest offer for your purchases.
Cheaper business vehicle finance is available on all types of vehicles for business use through Jade Finance – call for a quick quote 1300 000 008
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.