Will it be easier to buy a new car in 2022?

By Maria Gil · · 2 min read
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woman buying a new SUV in 2022

In the last two years there has been a global microchip scarcity that has affected the car industry. It has led to a supply shortage of new cars and rising prices of used cars.

“With some people being forced to consider buying a used car as the microchip shortage puts the brakes on the supply of new cars, the used car loan market is running hot,” says Mozo spokesperson, Tom Godfrey. 

Vehicles use microchips in various ways, for the safety system, stability control systems and airbags. Right now those chips are being snapped up by the consumer electronics and appliances industry since the demand for those items are higher than cars, due to people spending more time at home.

However, even with people driving less due to the pandemic, car sales continue and the supply hasn’t kept up with whatever demand there has been. That’s why Australians saw the price of second hand vehicles increase by more than 25% in 2021 compared to 2020.

There were some instances where used cars in Australia were actually more expensive than the listed price of a new vehicle, but due to struggling supply there were no new cars available for purchase.

What does the future of new cars look like?

As the global pandemic continues on, it is hard to predict when new car production will return to its pre-COVID state. Even despite the low supply and chip shortages, some new cars are being made. But since Australia mostly imports its cars it may be several months before you have the keys to your shiny new vehicle. 

2022 is expected to bring a range of new models, especially in the electric vehicle front. For example, Kia is launching its first all-electric model, the Kia EV6. 

If you aren’t too fussed about waiting a couple of months to drive your new set of wheels then maybe it’s time to look into the best car loan for you.

What are some of the best car loans?

If you want to know what car loans are the best of the best then you are in luck! By checking out our Mozo Expert Choice Award winners for Car Loans you’ll be able to quickly see who are the best in the business. More than 300 loans were analysed and compared by a panel of expert judges to showcase which loans offer Aussie borrowers great value.

If you are thinking about buying a car soon, check out Mozo’s car loan repayment calculator to figure out how much you can afford in your budget. If you want to learn more about car loans, you can also head over to our car loan guide page.

Car loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 89 car loans.
Last updated 27 July 2024 Important disclosures and comparison rate warning*
  • 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
    Go to site
    Details
  • Better Car Loan Special Offer

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    6.65% p.a.based on $30,000
    over 5 years

    Get a fixed rate car loan for amounts over $20,000 with Police Credit Union. Make additional repayments at any time without penalty. Free online redraw. Available for new and used cars. Can also be used for motorcycles, boats, caravans, trailers or any registrable vehicle.

    Repayment terms from 1 year to 5 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,295.27 including fees.

    Compare
    Find out more
    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
    Go to site
    Details
  • Car Loan

    Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    8.99% p.a.
    9.13% p.a.based on $30,000
    over 5 years

    Repayment terms from 1 year to 6 years. Representative example: a 5 year $30,000 loan at 8.99% would cost $37,456.30 including fees.

    Compare
    Find out more
    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.

^See information about the Mozo Experts Choice Personal Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.