The Federal Chamber of Automotive Industries (FCAI) today reported 81,690 total new vehicles were sold in March 2020, a 17.9% decline from March 2019. 

This is a huge decline compared to previous months, and represents a fall of more than 17,500 vehicles. 

In the market for a new car? The table below features car loans with some of the lowest fixed and variable interest rates on the market.

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LenderCar LoanInterest Rate Comparison Rate* Monthly Repayment Interest Type Vehicle Type Maximum Vehicle Age Ongoing Fee Upfront Fee Total Repayment Early Repayment Instant Approval Online Application TagsFeaturesLinkComparePromoted ProductDisclosure
6.24% p.a.
7.36% p.a.
$583
Variable
New
No Max
$8
$400
$35,000
  • Available for purchasing new and demo vehicles
  • $5,000 to $150,000 loan amount
  • Redraw facility available up to $5000/day
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
 Disclosure
6.34% p.a.
7.46% p.a.
$585
Variable
New
No Max
$8
$400
$35,084
6.57% p.a.
7.19% p.a.
$588
Fixed
New
No Max
$0
$250
$35,278
  • No vehicle age limit
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
 Disclosure
6.52% p.a.
6.95% p.a.
$587
Fixed
New
No Max
$0
$0
$35,236
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only. WARNING: 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. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

Throughout 2019 there was a 7.8% year-on-year fall, while November's figures saw a 9.8% decline. 

The March monthly result represents the 24th consecutive month of negative growth for the automotive industry in Australia, which is now two full years of no positive growth in car sales.


vehicle sales YTD March

Source: FCAI

FCAI attributed this month's significant decline to the difficult economic conditions created by the COVID-19 pandemic, but chief executive Tony Weber reiterated that despite the difficult conditions, a number of car dealerships remain open. 

“Many dealerships have opted to remain open to maintain support for customers, particularly from a service perspective, during this difficult period," he said. 

“Of particular importance are first responder and essential services vehicles. We must keep these vehicles on the road to ensure our communities continue to function and remain safe.

“In addition, we need to ensure those who physically attend their workplace can travel safely."

Mr Weber also said motor vehicles are a safe form of transport in a time of social distancing.

“Within dealerships, customer safety is of the highest priority, and automotive brands have initiated a variety of enhanced hygiene protocols and contactless consultations to maintain personal distance,” Mr Weber said.

Toyota was the best-selling brand in March, with 17,583 sales recorded.

In second place was Mazda with 6,819 sales, followed by Mitsubishi with 6,002 sales, Kia with 5,654 sales and Hyundai with 5,306 sales.

The Toyota Hilux was the most popular March vehicle, as it usually has been in previous months, followed by the Ford Ranger, Toyota RAV4, Toyota Corolla and Holden Colorado. 

Sales for the month consisted of 21,777 passenger vehicles for a 26.7% market share, 39,171 SUVs (48.0%) and 18,162 light commercial vehicles (22.2%).

Used car buyers urged to exercise caution amid COVID-19 frenzy

More people are looking to buy used cars during the pandemic, according to GlobalX, as people seek to avoid places like dealerships and instead go for a more private method of car buying. 

However, most second-hand car buyers fail to confirm if the vehicle they're buying is encumbered in any way (such as still having finance owing on it) through the Personal Property Securities Register (PPSR), according to the 2019 Gumtree Second Hand Economy Report.

GlobalX CEO Peter Maloney has urged buyers to secure their purchase of a second-hand car before buying. 

“Sellers are often happy to provide condition reports, roadworthiness certificates or proof of registration, but it’s unlikely they would disclose whether the vehicle had a dubious history,” Mr Maloney said.

“Purchasers can conduct the necessary checks through a PPSR report to ensure the asset they are about to purchase will not cause unnecessary strife in years to come."

Meanwhile, a car-subscription service Popcar is significantly cutting down on membership fees and hourly rates to make it easier for people to rent a car rather than buy one. 

"One of the serious implications for many people will be the impact on their ability to get around, as confidence in public transport diminishes due to strengthening of the Government’s social distancing measures and concerns about contagion," Popcar director Anthony Welsh said. 

“We recognise we have a role to play in supporting locals and businesses in our community, by providing an affordable and safe transport option to those who do not have access to their own car, or otherwise typically rely on public transport, taxi services or ride sharing."

Popcar's changes include:

  • Waiving all membership fees for new and existing customers, including business customers
  • Cutting hourly and daily rates by 50%
  • Charging just $1 for signups