As specialists in motor vehicle finance, we are always interested to review the monthly car sales figures, known as VFACTS and released by the automotive industry’s leading body, Federal Chamber of Automotive Industries (FCAI). We know buyers will be keen to known the top selling cars as possible indications to actual availability. The monthly figures relate to what new vehicles were actually sold in a particular month. Second hand vehicle sales are not included in these figures.
With supply being a major issue in the new car market over recent periods, the top selling cars figures need to be considered within that context. For buyers considering one of the top selling cars for June, sourcing the cheapest interest rate car loan will also be a priority as rates continue to rise.
New Car Market Continued to be Supply-Constrained
In announcing the June 2022 sales figures, the FCAI reiterated previous comments that supply issues are continuing to impact the sector. The total sales for the month were down 9.7% on June 2021 as the pandemic issues, Ukraine war and issues with shipping continue to cause supply issues in the Australian market.
Tony Weber, Chief Executive for FCAI said that car manufacturers globally are still facing shutdowns to plants as a result of the pandemic and computer chips are still in short supply. He said new car demand was extremely strong but the supply issues could continue for some time.
In overall sales it was once again Toyota that leads the market followed by Kia, Hyundai, Mazda and Mitsubishi. In segments, passenger vehicles continue to be down, this month 21% down on June 2021 while the SUV market also posted a drop of 2.3% and light commercials a 16.5% decreases compared with the same month last year.
Top Selling Models
Buyers will no doubt be keen to know which particular makes and models sold best last month to perhaps give an inkling of what might actually be available. But you need to keep in mind that these sales figures may well represent filling orders which were placed several months earlier.
But regardless of all the issues to take into account, it’s always interesting to check out the top selling cars.
Topping the June 2022 top sellers list were Toyota HiLux, Hyundai Tucson, Ford Ranger, Toyota Corolla and Toyota RAV4. These were followed by the D-MAX by Isuzu, Kia Sportage, Mitsubishi’s Triton, Hyundai i30 and the MG HS which posted 79% increase on sales for June 2021.
Following those we have the Mitsubishi Outlander, Kluger from Toyota, the Kia Cerato and then two more Toyotas – Prado and LandCruiser. Further down this top 25 comes the MG ZS, GWM Ute, LandCruiser 79 Series, Subaru Outback, Everest by Ford and Hyundai Kona. Rounding out the top sellers is the MG 3 and several Mazda models – BT50, CX-3 and CX5.
For buyers that would like to dig deeper into particular market categories, figures for quite a number of segments and price range categories can be reviewed at Drive.
These include for light cars over $25K top sellers were the Mini Hatch, Audi A1 and Citroen C3. For large cars over the $70K price tag, check out the Audi A6, Porsche Taycan and the BMW 5 Series as the top sellers for June.
SUVs have soared in popularity in recent years and for those looking for a medium sized one under the $60k mark, check out the Hyundai Tucson, Toyota RAV 4 or Kia Sportage.
When checking out the market, keep our loan calculator handy to work up those all-important loan repayment estimates.
Popular Car Loan Products
For private buyers of new cars, that’s those buying cars for private not business use, the most popular loan is the Secured Car Loan. With this loan, the lender accepts the vehicle as the loan security and the borrower repays the loan in equal monthly repayments.
We arrange this type of loan at a fixed interest rate where the rate is fixed and remains unchanged over the entire fixed loan period. In the current time of rising rates, securing a fixed rate loan is extremely important to fluctuations in repayments as rates rise.
Business buyers have a choice of several motor vehicle finance products:-
- Chattel Mortgage
- Vehicle Lease
- Vehicle Commercial Hire Purchase
The choice will depend on the business set-up and goals and a range of accounting methods. Speak with your accountant to assist in making the choice. We also secure our business vehicle finance products at a fixed interest rate.
Reflecting what is happening across many markets, prices on many new cars have seen increases of late. This, combined with the RBA rate rises make sourcing a cheaper car loan a priority. Even the smallest percentage point difference in the interest rate can add a significant amount to the total cost of the loan and hence, the vehicle.
Utilising our services can benefit buyers to connect with cheaper interest rate lenders. We are accredited with a large number of banks and lenders so we can quickly and easily identify which is offering the cheapest rates at the time and which will best suit the customer.
We save you time in sourcing finance as we do all the work and save our customers having to contact multiple lenders to acquire the quotes to compare. Timing can be extremely important in this period of limited vehicle availability. Having to leave a dealership to source multiple quotes may mean missing out on that particular make and model. The next buyer may come in, fully-equipped with a pre-approved loan and buy on the spot.
Loans can be applied for and approval granted prior to the vehicle being bought. So you too can be well-equipped with your cheap interest rate loan before heading to the dealership for a test drive.
Contact Jade Finance 1300 000 008 to discuss motor vehicle finance on a top selling car
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.
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