New year, new goals, new car? This time last year, IBISWorld revealed that there was a large increase in the amount of people taking out a loan to buy a vehicle. This is likely to include a lot of purchases through a novated lease.
"Over the past five years, the number of new lending commitments has doubled as consumers have looked to buy newer cars that require less maintenance," said Andrei Ivanov, an industry analyst for the research company.
But what exactly did people end up buying? Do Australians have a preference for a particular brand?
Corolla rolls on
On January 6, the Federal Chamber of Automotive Industries (FCAI) unveiled its 2015 roundup, including the top selling cars of the year. The five most popular cars in terms of sales were as follows:
- Toyota Corolla (42,073)
- Mazda3 (38,644)
- Toyota Hilux (35,161)
- Hyundai i30 (32,306)
- Ford Ranger (29,185)
As you might have guessed from its two entries in the top five, Toyota has the largest presence of any brand in the 2015 market, comprising 17.8 per cent of all purchases. This is head and shoulders above the second-placed Mazda, which was responsible for 9.9 per cent of 2015's car sales.
A trend towards the road
In terms of overall sales, 2015 was a bumper year. A record year, in fact. With 1,155,408 cars sold across the calendar year, it's a full 1.3 per cent higher than the previous record, which was set in 2013.
"The high level of choice in the Australian new car market is delivering Australian consumers' access to high-quality vehicles at record affordability levels," said FCAI Chief Executive Tony Weber.
"Car finance is growing at a faster rate than any other form of finance."
This ties in nicely with the 2015 IBISWorld research, in which Mr Ivanov noted that "car finance is growing at a faster rate than any other form of finance". Across 2014, the average amount that was taken out by a car buyer was $6,110.52 – hardly a bank-breaker, either.
If you're part of this clear wave of car-buying enthusiasts, a novated lease can provide a simple and tax effective solution to finance a vehicle and increase your cash flow! Experience the Alliance Leasing difference and get in touch today if you're ready to get behind the wheel!