Car spending down but Aussies still buying new cars
October was a slower month for Aussies and their usual car spending habits, with a decrease in motor vehicle spending across the country.
The amount spent on cars in October dropped by -0.3% (seasonally adjusted), according to CommBank’s Household Spending Insights (HSI) Index.
Despite numbers of overall spending being down, Aussies are still buying their favourite cars. Car dealers were one of the top contributors to keeping the annual spending up, according to the CommBank index.
In fact, 106,809 new vehicles were sold to Australians in October, with Toyota and Mazda taking out top spot for most sold car brands, according to the Federal Chamber of Automotive Industries (FCAI).
Looking for a new car? Here’s what’s hot
If you need some car inspiration for your next purchase, here are the top 10 most sold cars in October based on data from the FCAI:
Top 10 cars in October 2023
| Rank | Model | Volume October 2023 | Change year-on-year |
| 1 | Ford Ranger | 6,215 | Up 10.4 per cent |
| 2 | Toyota HiLux | 5,766 | Up 18.1 per cent |
| 3 | Isuzu D-Max | 3,198 | Up 63.9 per cent |
| 4 | Toyota RAV4 | 2,598 | Down 19.4 per cent |
| 5 | MG ZS | 2,537 | Up 10.7 per cent |
| 6 | Mazda CX-5 | 2,509 | Up 6.7 per cent |
| 7 | Toyota Prado | 2,320 | Up 58.8 per cent |
| 8 | Mitsubishi Outlander | 2,238 | Up 38.2 per cent |
| 9 | Ford Everest | 1,803 | Up 48.2 per cent |
| 10 | Hyundai Tucson | 1,762 | Up 6.5 per cent |
Using a car loan for your dream car
While a Ford Ranger might be on your wishlist, if you were to buy it upfront in Australia it would set you back from $36,180 to $86,790! Unless you have a pretty stocked up savings account, this might not be achievable. Enter the car loan.
A car loan can help alleviate some of the financial stress of buying a new car, as you repay the amount you borrow back over time - with some interest on top.
For example, if you were looking to buy the Ford Ranger XL, 4×2 single-cab chassis, 2.0 single-turbo diesel, 6AT, this would cost $36,180 before on road costs.
However, if you were to use a car loan, based on our repayments calculator and the current average car loan interest rate of a new car loan of 7.36% p.a., your monthly repayments would be $723 over a 5 year term.
If you are curious about where to find the lowest interest rates for a car loan, check out our editor’s picks for best car loans. Alternatively, start comparing car loan providers down below to find the best rate.