Whether you’re looking for a brand new shiny wheel set or a pre-loved vehicle with a bit of character, let’s take a look at the Australian auto market right now.
This month, the Federal Chamber of Automotive Industries (FCAI) released statistics showing an increase in new car sales compared to June. As a traditionally strong month with EOFY sales, new car sales totaled 110,664 vehicles last month, 430 vehicles (0.4%) more than in June 2020.
And if you look at the results over the past six months, FCAI recorded a total of 567,468 new car sales, up from 442,415 over the same period in 2020 (an increase of 28.3%). This is despite many car dealerships experiencing significant delivery delays on new vehicles due to a global shortage of semiconductor chips.
FCAI chief executive Tony Weber said June 2021 results are in line with what is typically a strong car sales month.
“Expectations of a good result in June remained high given the traditional year-end demand from commercial and private buyers driven by government incentives such as the extension of depreciation announced in the federal budget coupled with intensive marketing activity of vehicle brands, ”he said.
“Although some states were forced to block COVID-19 around the end of June, acquiring a new vehicle remains a popular option for buyers in all market segments. “
The FCAI also recorded that Toyota was the most popular car brand in June 2021 with 21,076 sales, followed by Mazda (12,225), Ford (8,456), Kia (7,890) and Hyundai (7,357).
What about used cars?
Well, recent data from Moody Analytics revealed that used vehicle prices have increased 35% over the past year. As international borders remain closed, many vacationers have turned to road travel as an alternative, and according to data from Datium Insights in February of this year, SUVs and commercial utilities were the most popular used vehicle types. most wanted.
Additionally, according to Grays Market, the classic car market is booming, with Australians looking for old school models, but buying them at prices much higher than the original cost.
Where are interest rates on new and used auto loans now?
According to recent statistics from Mozo, the average fixed and variable interest rate for new car loans (for a loan of $ 30,000) is 6.25%. While the average used car rate is 6.75%.
The lowest variable new auto loan in our database is currently 2.99% (comparison rate of 3.35% *), offered by the Queensland Country Bank on its New Car Loan (for new and demonstration vehicles).
And for used cars, the lowest rate is offered by the Australian Military Bank, as their car loan (for vehicles up to 5 years) has variable rates from a competitive price. 4.49% (comparison rate of 5.36% *).
Want to see new and used car loans on the market right now? Compare below!