Decisions to upgrade with new trucks may have been put on the back burner over the past year due to a range of reasons. Supply issues, uncertainty around inflation and rising operating costs as well as the shortages in the labour market, the impacts of floods amongst many others. For some it may just be a time issue – not having the time to spend checking out the market to decide on which vehicle to purchase. To assist time-poor buyers and for those that like to stay across what others are buying, the release of sales data in the sector reveals the top selling truck brands across all segments.
Now may be opportune timing to purchase from one of the top selling truck brands to achieve cheaper interest rate finance prior to more rate rises from the RBA. It may also be opportune to equip the business with cost-efficient, more productive new vehicles to capture emerging opportunities and to offset the increasingly higher costs of operations. It is also a very opportune time to get in to realise the tax advantages of acquiring new assets by utilising temporary full expensing.
It appears that many operators made that decision in 2022 as the truck sector posted a new sales record. As reported by trucksales, Tony McMullen from the TIC said that the year had exceeded the expectations and exceeded the previous record posted in 2018. While a record year for sales in total, some segments performed better than others.
A 16.6% rise in the December monthly sales figures was recorded for 2022 compared with 2021. This was a new December record for total truck sales. Heavy-duty truck sales increased over both December and for the quarter when compared with 2021.
Slow results were posted for medium-duty trucks with the December sales figures for last year below those of December 2021. Light-duty trucks however continued the positive trend, setting a record for the month and for 2022. As has been mentioned many times from many sources over the past few years, when considering any sales figures, consideration should be made for the economic conditions and market constraints. The supply chain issues globally, while showing some easing in some sectors, continue to impact stock levels and availability in many areas.
In the truck sector, brands will be facing varying challenges and opportunities in regard to supply.
2022’s Top Selling Truck Brands
The sales figures for the truck market are reported on a regular basis with the top selling brands named but sales data for individual models has not been obtained. But the results may provide assistance for buyers without the time to visit multiple dealerships to discuss specifics. Possibly the location prevents buyers from easy access to dealerships.
Over 2022, in the heavy-duty segment, it was Kenworth leading the top selling truck brands on sales. Volvo was the second best in sales, followed by Isuzu. Volvo’s results compared to the previous year was extremely impressive – more than 50% increase. This is one result where supply chain issues may have been an issue in 2021. Isuzu had been having a great year and the annual results attest to that. Comparing 2022 with 2021, the brand posted an uptick in sales of just shy of 36%.
UD was another of the top selling truck brands to post an eye-watering uptick – 74% above their 2021 results. But not all brands posted such impressive results or even increases. Freightliner, Western Star and Mercedes-Benz all recorded decreased sales in 2022 compared to the previous year.
The top selling truck brands in the medium-duty segment were somewhat predictable with three always featuring in the top sales results. The results for 2022 see Isuzu posting the highest sales, then Hino with Fuso in third position. Isuzu being the only of the three to actually record an increase as Hino and Fuso recorded a small decrease in sales for the year.
Isuzu also topped the sales charts in the light-duty truck segment. The brand’s 37% rise in annual sales over the 2021 figures outsold second place Fuso which recorded a 4.6% rise. In third position, Hino’s sales fell 18.5% on results from the previous year.
Interesting data for buyer consideration but also consider the truck finance options available through Jade Finance to ensure the overall investment delivers a positive outcome.
Truck Loan Options
There are a number of finance-related reasons to expedite truck acquisitions at the moment. The first is the interest rate scenario. The RBA is due to meet in early February for its first rate decision for the year and the latest inflation data may give reason for another rate rise. Securing cheaper rate finance now on a model from the top selling truck brands, could represent significant savings over the term of the loan.
The second reason is the countdown to the end of temporary full expensing on 30 June. Those seeking to make the most of this measure need to have the trucks in the business, operational, by the deadline to be eligible. To assist in expediting the purchase, pre-approved Chattel Mortgage Truck Loans are available through Jade Finance.
To secure finance for one of the top selling truck brands, contact Jade Finance 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.