With the stock issues in the motor vehicle sector appearing to ease in recent months and with more interest rates rises ahead, now could be an opportune time to buy a new car with motor vehicle finance. But which car? The Australian new vehicle market is extensive and selecting the right car can be a confusing, but exciting, process.
To cut through the confusion of weighing up the features and benefits of the new cars on the market, the team of motoring industry experts at Drive annually announce awards for Car of the Year. The awards cover a large number of categories so all buyers are covered. The 2023 awards are now happening and buyers may like to take note of the finalists, runners-up and winners to assist with their selection.
To start the process, we report on a number of the winner announcements which have been made to date and talk finance. Jade Car Loans assists private and business buyers secure their choice of vehicle from the Car of Year winners and finalists with cheaper motor vehicle finance.
Drive Awards Program
Drive has been running its Car of the Year awards for many years and the program has become highly regarded as an extremely authoritative source for buyers. The program is regularly amended with new categories added and those no longer considered as relevant excluded or tweaked.
The awards are divided into 19 categories which cover passenger cars, SUVs, work vehicles such as utes, luxury cars and of course electric vehicles. With the growth in the EV market, for 2023, these categories also have grown. Awards are now given for 3 categories of EVs and hybrids. The medium SUV hybrids have become hugely popular and now have their own award category.
This expansion of the EV awards categories may be especially helpful for buyers considering purchasing their first green vehicle. While the technology has been around for quite a while, deciding which specific vehicle may be confusing for those not completely across the latest advances.
The judging process is extremely detailed and comprehensive with 11 judges involved. The judges have impressive credentials and experience in the industry and the entire process covers a year. Over 500 new vehicles on the market are tested throughout the year to arrive at the finalists. Then the intense stage of deciding the winner is carried out over a special two week period at the one location.
The criteria for judging include:- efficiency, affordability, safety, technology, driveability and practicality.
Car of the Year Winners
The winners of all 19 categories will be released throughout March. We focus on a few of those that have been announced so far.
The Dual Cab Ute Off-Road is a massively popular category, especially for tradies and other business owners wanting a double duty vehicle. And of course for private buyers looking for a vehicle to handle the weekend rec – tow the boat or caravan, take the dirt bikes etc.
The winner has been named as the Ford Ranger Raptor ahead of the Toyota HiLux Rogue. Nissan’s Navara SL Warrior was also a finalist.
As mentioned, Medium Hybrid SUVs now have their own category and the best for 2023 was announced as the Mitsubishi Outlander. The Toyota RAV4 came in second with the Ford Escape and H6 from Hazal also earing finalist gongs.
Small SUVs have also grown in popularity due to their versatility and the market is growing. From the vast selection the Nissan Qashqai was considered the winner and the Toyota Corolla Cross the runner-up. Also finalists were the Honda HRV and Skoda Kamiq.
Medium SUVs are also a growing market and provide an extremely versatile family car. Nissan’s X-Trail was crowned the best in this category followed by the Kia Sportage and then VW’s Tiguan Allspace.
Need something larger? Then the winner of the Best Large SUV may be of interest. That was considered to be the Kluger from Toyota. Next was Nissan’s Pathfinder, then the Ford Everest and Hyundai Santa Fe.
There are more winners to be revealed and we’ll update with the next categories as well as what cars sold best last month, in coming articles.
Motor Vehicle Finance Options
The big focus on motor vehicle finance at the moment is interest rates. The run of RBA rate rises is expected to continue for possibly 2-3 more months and that can mean, increases in car loan interest rates. Using our services to secure the cheapest rates can save buyers time in comparing rates and offers from across the extensive motor vehicle lending sector.
Saving time may be particularly relevant for those looking to secure their car of the year before more rate rises or to realise tax benefits prior to the end of financial year with business vehicle finance.
Buyers can apply for finance and receive fast approvals even before making the final buying decision. While stock levels are showing some easing, once buyers hear of the awards, the winning models may be in high demand.
To secure cheaper motor vehicle finance for a Drive Car of the Year, 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.