Home Car loan Auto loan sales increase in July as interest in green vehicles increases

Auto loan sales increase in July as interest in green vehicles increases

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Although many parts of Australia have been plunged back into lockdowns linked to COVID-19, demand for new vehicles continued to grow in July by 16.1% month-over-month, according to the latest figures from the Federal Chamber of Automotive Industries (FCAI).

FCAI data revealed that a total of 84,161 vehicles were sold in July 2021, up from 72,505 in the same period last year.

Federal Chamber of Automotive Industries chief executive Tony Weber said that “despite the impacts of the closures on major retail stores, the market has remained strong.”

“The 16.1% growth shows the underlying strength, confidence and resilience of the market despite the challenges presented due to bottlenecks and ongoing delivery issues caused by CPU shortages and shipping delays.” , did he declare.

New South Wales and the Australian Capital Territory both saw lower car sales, no doubt due to the more severe restrictions implemented in these areas. However, Victoria, Queensland, Western Australia and the Northern Territory all saw growth of more than 20% from 2020, according to the FCAI.

Go green with your vehicle

July was also marked by significant demand for electric vehicles (EVs) and plug-in hybrids (PHEVs) in Victoria and New South Wales. Mr. Weber noted that this growth may be linked to the fact that his state governments “have introduced a road user charge offset by subsidies to consumers and continued investment in infrastructure.”

FCAI reported that sales of electric vehicles increased by 191.1% and PHEV sales by 161.3% in Victoria compared to July 2020. For New South Wales, sales of electric vehicles increased by 260 % And those of PHEV 84.9%.

If you are planning to buy an EV or PHEV in 2021, you may be wondering how to find the best green vehicle loan option for your financial situation and budget. Especially when it comes to taking into account additional costs like installing home charging equipment.

RateCity has luckily done the hard work of finding some of the best auto loans for you with RateCity rankings. Our rankings rank car loans in the market using our Real Time RatingsTM system.

Unlike other rating systems that rate their products once or twice a year, real-time ratingsMT the results are calculated in real time. This means you get the most up-to-date rating for your comparison. Each car loan receives a five-star rating, based on the cost and flexibility of the loan.

(Rankings are correct at time of posting. Please note that lenders may swap places on the list as interest rates and fees change and RateCity’s tracker reflects those movements.)

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