Car spending down but Aussies still buying new cars

Woman with new car

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. 

Compare car loan providers - last updated 24 April 2024

Search promoted car loans below or do a full Mozo database search. Advertiser disclosure
  • Used Car Loan

    Fixed, Secured, No vehicle age limit

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured used car loan of up to $75,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Details
  • New Car Loan

    Fixed, Secured, Excellent Credit Score [832+]

    Interest rate
    comparison rate
    Monthly repayment
    7.29% p.a.to 7.79% p.a.
    8.00% p.a.to 8.50% p.a.based on $30,000
    over 5 years

    Enjoy a quick application process and no monthly fees on NRMA new car loans. Finance also available motorcycles, caravans and motorhomes. Low fixed interest rates with terms of up to seven years. Plus, NRMA Blue Member benefits apply so you could enjoy even lower rates as an NRMA Member**.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 7.29% would cost $36,387.95 including fees.

    Compare
    Details
  • New Car Loan - Special

    Home Owner Discount, Including Demo, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    7.36% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Personalised loan amounts between $5,000 and $150,000. Flexible repayment options. Choose between the 3 to 7 year loan terms. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,880.27 including fees.

    Compare
    Details
  • New Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured new car loan of up to $75,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Details
  • Used Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    8.49% p.a.to 16.99% p.a.
    9.21% p.a.to 17.77% p.a.based on $30,000
    over 5 years

    Enjoy a quick application process and no monthly fees on NRMA used car loans. Finance also available motorcycles, caravans and motorhomes. Low fixed interest rates with terms of up to seven years. Plus, NRMA Blue Member benefits apply so you could enjoy even lower rates as an NRMA Member**.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 8.49% would cost $37,420.08 including fees.

    Compare
    Details

* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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