If you’ve been putting off the purchase of your new car due to supply issues, time or indecision about which vehicle, the May rise in the cash rate by the RBA with the prospect of more to come, could be the motivation needed to act quickly. This could be the time to make your choice and apply for car finance before another rate rise.
For business buyers it may be the ideal time to seek car finance for new vehicle purchases in order to realise the relevant tax benefits in this financial year. For private and in fact all buyers, it could be timely to proceed with new car buys asap in the event that the RBA raises the cash rate further at its upcoming Board meetings which then triggers a rise in car finance interest rates.
We take a look at the latest top selling cars as per the April vehicle sales data and provide information on the finance options available now.
April Motor Vehicle Sales
If supply issues have been the reason for delay, and they look like persisting for some time, then taking a wider look at what’s on the market in your category may be the way to go. The April vehicle sales figures were recently released and may provide much-needed inspiration for both private and business vehicle buyers.
The sales figures are released monthly by the Federal Chamber of Automotive Industries (FCAI) and can provide insights for buyers as to what other buyers have already selected as their vehicle of choice. But at a time when motor vehicle supply in Australia and overseas has been seriously hampered by the pandemic and the semi-conductor shortage, drawing conclusions from monthly sales figures should be done with caution.
Such was the essence of the message from FCAI Chief Executive Tony Weber in announcing the figures in a statement on the Associations’ website. Sales overall were down for April 2022 compared to the figures for March this year and 12% down when compared with the same month last year.
Mr Weber pointed out that the latest figures did not represent the demand for new vehicles. He said there was a supply issue which was being experienced both in Australia and across the global motor vehicle market. Such is the supply situation that there are reports of some makers actually implementing a pause in taking orders and others have advised of even more delays as production slows in overseas factories.
Sales downturns were not limited to a few or minor brands. Even market leaders such as Mazda, Toyota, Ford and Mitsubishi registered a drop in sales. Despite the results, Toyota maintained its dominant position from a brand perspective with Mazda second and Mitsubishi in third place.
In the announcement, Mr Weber highlighted the key issues which currently impact automotive manufacturing on a global basis. These included the shipping problems as well as production delays. The computer chip issue continues to plague both vehicle manufacturing as well as many other industries as does the pandemic situation.
Factories that needed to shut production at different phases of the pandemic are now in attempting to get production levels restored but are being held back due to the micro-processor supply problems. These supply issues for new vehicles, which the sales figures represent, are causing extensive delays in delivery of new cars to eager Australian buyers.
Top Sellers: Models and Brands
Those considering the monthly sales figures need to appreciate that the data is for cars delivered to buyers in that month and does not necessarily reflect popularity or other issues. But regardless of the issues the rivalry between the iconics – HiLux and Ranger, continued with HiLux taking the honours for the month. Toyota RAV4 was the next top seller then came the very popular Mazda CX 5 followed by the D-Max.
Next in the leading 10 models was Mitsubishi’s Triton, Toyota Corolla, i30 from Hyundai, MG ZS and the ever-popular LandCruiser.
Some brands did post a rise in sales – Kia with just over 8% rise and MG posting a whopping 58% increase in sales compared with the same month in 2021.
Applying for Car Finance
If stock is available for the vehicle you want, then warning – you’ll want to be ready to place that order on the spot. To do that, it is wise to apply for pre-approved car finance. Jade Finance provides pre-approved finance across all our motor vehicle finance products for both business and private buyers.
The loan selection includes:-
- Secured Car Loan
- Motor Vehicle Chattel Mortgage
- Vehicle Lease
- Hire Purchase for Motor Vehicles
- Novated Lease with Salary Sacrificing
The interest rates vary across the loan types and for business buyers, there are also variations in regard to tax issues. Businesses should refer to their accountant for advice on which motor vehicle finance product will best suit their operation.
Use the applicable interest rate comparison charts and calculators to work up car finance repayment estimates or just get straight into it and call us for a quick quote.
Contact Jade Finance 1300 000 008 for private and business car finance
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.