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.
Compare car loan providers
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Used Car Loan
Fixed, Secured, No vehicle age limit, $5,000-$100,000
Interest rate
comparison rate
Monthly repayment6.57% p.a.to 18.99% p.a.7.19% p.a.to 21.78% p.a.based on $30,000
over 5 yearsGet a competitive fixed interest rate on a secured used car loan of up to $100,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for 1 month. 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.
CompareCompare- Interest rate
- 6.57% p.a.to 18.99% p.a.
- comparison rate
- 7.19% p.a.to 21.78% p.a.based on $30,000
over 5 years
- Interest rate
- 6.57% p.a.to 18.99% p.a.
- comparison rate
- 7.19% p.a.to 21.78% p.a.based on $30,000
over 5 years
- Upfront fees
- $250.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $100,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Vehicle
Read reviews and learn more about OurMoneyMarket car loans
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Used Car - Unsecured Personal Loan
Interest rate
comparison rate
Monthly repayment6.56% p.a.to 21.99% p.a.6.56% p.a.to 22.79% p.a.based on $30,000
over 5 yearsCompetitive fixed rates for borrowers on 1-7 year loans from $5,000 up to $50,000. $0 monthly fees and no early repayment fees to pay. Fast application process on the Revolut app. According to Revolut and subject to loan approval, you'll receive your money into your Revolut account straight away. Eligibility criteria applies.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.56% would cost $35,768.68 including fees.
CompareCompare- Interest rate
- 6.56% p.a.to 21.99% p.a.
- comparison rate
- 6.56% p.a.to 22.79% p.a.based on $30,000
over 5 years
- Interest rate
- 6.56% p.a.to 21.99% p.a.
- comparison rate
- 6.56% p.a.to 22.79% p.a.based on $30,000
over 5 years
- Upfront fees
- $499.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Monthly
- Early repayment penalty
- 0
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
Read reviews and learn more about Revolut car loans
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New / Demo Car Loan
Variable, Secured
Interest rate
comparison rate
Monthly repayment6.24% p.a.7.36% p.a.based on $30,000
over 5 yearsLow 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.
CompareCompare- Interest rate
- 6.24% p.a.
- comparison rate
- 7.36% p.a.based on $30,000
over 5 years
- Interest rate
- 6.24% p.a.
- comparison rate
- 7.36% p.a.based on $30,000
over 5 years
- Upfront fees
- $400.00
- Monthly fee
- $8.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $700.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $150,000.00
- Minimum loan term
- 3 Years
- Maximum loan term
- 7 Years
- Security required
- Vehicle
Read reviews and learn more about loans.com.au car loans
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Green Car Loan
Interest rate
comparison rate
Monthly repayment5.79% p.a.to 15.49% p.a.6.49% p.a.to 16.26% p.a.based on $30,000
over 5 yearsCompetitive fixed interest rates on battery electric vehicles. Loan terms of 1-7 years, borrowing starts at $5,000. Free roadside assist for 3 years included RACV Total Care. No ongoing fees. RACV members may receive discounted interest (T&Cs apply).
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 5.79% would cost $35,122.55 including fees.
CompareCompare- Interest rate
- 5.79% p.a.to 15.49% p.a.
- comparison rate
- 6.49% p.a.to 16.26% p.a.based on $30,000
over 5 years
- Interest rate
- 5.79% p.a.to 15.49% p.a.
- comparison rate
- 6.49% p.a.to 16.26% p.a.based on $30,000
over 5 years
- Upfront fees
- $499.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Fortnightly, Monthly
- Early repayment penalty
- $325 if paid before last 6 months of loan term, otherwise $0.
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- -
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Vehicle
Read reviews and learn more about RACV Finance car loans
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New Car Loan
Fixed, Secured, $5,000-$100,000
Interest rate
comparison rate
Monthly repayment6.57% p.a.to 18.99% p.a.7.19% p.a.to 21.78% p.a.based on $30,000
over 5 yearsGet a competitive fixed interest rate on a secured new car loan of up to $100,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for 1 month. 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.
CompareCompare- Interest rate
- 6.57% p.a.to 18.99% p.a.
- comparison rate
- 7.19% p.a.to 21.78% p.a.based on $30,000
over 5 years
- Interest rate
- 6.57% p.a.to 18.99% p.a.
- comparison rate
- 7.19% p.a.to 21.78% p.a.based on $30,000
over 5 years
- Upfront fees
- $250.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $100,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Vehicle
Read reviews and learn more about OurMoneyMarket car loans
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* 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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