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Car loan sales up for July as interest in green vehicles grows

Car loan sales up for July as interest in green vehicles grows

Despite many parts of Australia being pulled back into COVID-19-related lockdowns, demand for new vehicles continued to grow in July by 16.1 per cent month-on-month, according to the latest figures from the Federal Chamber of Automotive Industries (FCAI).

Data from FCAI found that a total of 84,161 vehicles were sold in July 2021 compared to 72,505 at the same time last year.

Federal Chamber of Automotive Industries Chief Executive, Tony Weber, said that “despite the impacts of lockdowns on major retail locations, the market remained strong.”

“The growth of 16.1 per cent shows the underlying strength, confidence and resilience in the market in spite of the challenges being presented due to lockdowns and ongoing delivery issues caused by microprocessor shortages and shipping delays,” he said.

New South Wales and the Australian Capital Territory both recorded a decline in car sales, no doubt a result of harsher restrictions implemented in these areas. However, Victoria, Queensland, Western Australia, and the Northern Territory all saw growth of more than 20 per cent when compared to 2020, according to the FCAI.

Go green with your vehicle

July also saw significant demand for Electric (EV) and Plug-in Hybrid Vehicles (PHEV) in Victoria and New South Wales. Mr Weber noted that this growth may be related to its state governments “introducing a road user charge offset by consumer grants and continuing infrastructure investment”.

FCAI reported that EV sales were up 191.1 per cent and PHEV up 161.3 per cent in Victoria compared with July 2020. For New South Wales, EV sales grew by 260 per cent and PHEV by 84.9 per cent.

If you’re considering purchasing 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 factoring in additional costs like home charging equipment installation.

RateCity has thankfully done the hard work of researching some of the best car loans for you with the RateCity Leaderboards. Our leaderboards rank car loans in the marketplace using our Real Time RatingsTM system.

Unlike other rating systems that grade their products once or twice a year, Real Time RatingsTM results are calculated in real time. This means you get the most up-to-date rating for your comparison. Each car loan is given a score out of five stars, based on loan costs and flexibility.

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

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This article was reviewed by Personal Finance Editor Georgia Brown before it was published as part of RateCity's Fact Check process.



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