Thinking of buying a vehicle in time for Christmas? You’ll want to make sure you’re comparing the best car loan options based on your financial needs and situation.
Global auto manufacturing supply chains could recover, according to new vehicle sales data from the Federal Chamber of Automotive Industries (FCAI). The latest data shows Toyota tops the list of manufacturers with the most vehicles sold in October, up 16.9% from a year earlier.
The stability of the supply chain may indicate that the market could also return to more affordable prices, especially for the used car market. This could be great news for anyone looking to buy a vehicle, and November’s top-rated auto loans could help get them off to an easy start.
Most popular cars sold in October 2022
October vehicle sales results show that Australia’s love affair with SUVs and light commercial vehicles doesn’t go far, accounting for 80.1% of sales for the month. Passenger vehicles accounted for 15.3% of monthly sales, with heavy trucks at 4.7%.
According to FCAI data, the most popular manufacturers for the month of October were:
- Toyota – 18,259 vehicles sold
- Ford – 7,823 vehicles sold
- Kia – 6,380 vehicles sold
- Mitsubishi – 5,982 vehicles sold
- Hyundai – 5,289 vehicles sold
However, the top-selling model of all new car sales was the Ford Ranger, with 5,628 reported sales. This was followed by the Toyota Hi-Lux at 4,890, Toyota’s Rav4 was third at 3,222, followed by Mazda’s CX-5 (2,352) and MG’s ZS (2,293).
FCAI chief executive Tony Weber said the monthly result was an indication that automakers were making progress in overcoming logistical challenges.
“Overall, automakers have been heavily impacted by the Covid 19 pandemic. This October figure is a positive sign that supply chains are recovering and consistency is returning to the market, but we still have some way to go. go through before it gets back to normal,” Weber said.
Whether you’re considering buying a new or used car, if you’re relying on financing, it can help to carefully weigh your options. As inflation is expected to rise this year, you’ll want to make sure you choose a car loan that best suits your budget. Starting with a competitive interest rate, lower fees, and helpful features can be one way to do this.
Luckily, RateCity has done the hard work for you and ranked the top rated auto loans using our comprehensive and revolutionary program. Real-Time Rating System™.
This system gives loan products a score out of five, based on cost and flexibility. But unlike other rating systems that rank their products once or twice a year, our Real Time Ratings™ system ranks products live as you use the site, helping you narrow down your list of car loan options.
(Rankings correct at time of publication. Please note that lenders may swap places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)