The freight, transport and general trucking sector has been under pressure from demanding workloads and other issues in relation to the pandemic over the past few years. Despite lockdowns, shut-outs, staffing issues and a raft of other impediments, operators have still been expected to deliver. The strong truck sales figures to start 2022 put a positive spin on the prospects for owners and operators and are further buoyed by the cheap interest rates on truck loans.
For January 2022 new truck sales were very positive and likely reflect a number of key influences – good pipelines of work in the construction sector; continued high demand for home deliveries and online shopping; government investment tax measures; and the historic low interest rate climate.
All the truck categories – light, medium and heavy duty, performed extremely well. Some truck brands have reported outstanding figures for 2021 and look to continuing that uptick in sales this year.
If in the market for a new truck, reviewing the sales figures can be interesting and used as a guide as to what other operators have already identified as a good buy. We share the latest truck sales figures and give you information on making that purchase with cheap truck loan.
Start of Year Figures
For January 2022 new truck registrations posted 7.5% uptick over January 2021, according to T-mark data. Heavy-duty posted the most impressive increase of 23.5%, medium is up 15% and light posted an increase of 5.3%. The spike in online shopping likely resulted in some owners in the light sector upgrading during 2021 and as such, the demand may not have been as great at this current time.
Reviewing any sales figures of major assets and machinery at the moment cannot be done fairly without taking into account issues around supply. It’s well-known that the computer chip shortage has created havoc with manufacturing across many sectors. Availability has been restricted in many markets and trucks and heavy duty vehicles have not been totally spared.
Also worth noting is that the figures represent new regos. That’s the trucks that were delivered in a certain period. It may not accurately reflect demand as dealers could have full order books to fill as soon as stock becomes available.
But truck sales figures are always interesting to stay across.
Brands that Sold Best
Of even greater interest to the overall figures is seeing which particular brands sold the most vehicles in a particular period and how that maker is performing compared with the same month in the last year.
Figures are issued as overall total sales which include all categories – heavy, medium, light duty and commercial vans and issued for each category. So there’s plenty of data for prospective buyers to digest and consider.
The top five makers for overall total sales for January 2022 were: Isuzu up 24.4%, Hino which posted a decrease of 9%, Fuso was up 17%, Kenworth in 4th with 34% increase and Volvo rounding out the top 5 with a 14% increase on January 2021 results.
For rankings per segment:-
Heavy-duty: Kenworth, Isuzu up 56.8% in this area, Volvo, Mack up 190% but 2021 comparison figure was quite small and UD in 5th with 54 vehicles sold representing a 125% uptick.
Medium-duty: Arguably the most competitive segment and the top five were Isuzu, Hino, Fuso, IVEC and Mercedes-Benz. Hino and IVECO the only ones to post a decrease in sales.
Light-duty: These versatile vehicles are typically in high demand due to the high workload and need to regularly upgrade. The top 5 were Isuzu, Fuso, Hino, IVECO and Fiat. Fuso performed well in this category with an 18% increase but IVECO, which sold 51 units recoded a massive 183% rise in figures compared with January 2021.
As supply chains start to ease and availability issues resolve, comparing month on month and brand v brand figures further into the year may be hold greater relevance.
Cheap Loans and Tax Incentives
While many can present a range of reasons for good truck sales, the historic low interest rate situation plus the IAWO and temporary full expensing have got to be major drivers. Combine the two – a cheap truck loan that is suited to temporary full expensing, and that is a super-charged reason to invest in new vehicles.
Jade Finance offers the full range of commercial loans, at better interest rates, for truck purchases. Our loan selection includes:-
- Chattel Mortgage
- Commercial Hire Purchase
- Rent to Own
For those intent on super-charging, Chattel Mortgage is considered best-suited to work back with temporary full expensing.
While interest rates are low now, that situation may not be around for as long as previously anticipated. The RBA had put 2024 as a general guideline to when they anticipated the economic conditions would be in place to signal a rate rise. But recent events including surging inflation, appears to be bringing that timing forward, possibly to 2022.
In order to avoid paying too much for your truck loan, now could be the ideal time to speak with Jade Finance about truck finance on a best-selling truck.
Contact Jade Finance 1300 000 008 for cheap truck 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.