The figures released by the Federal Chamber of Automotive Industries (FCAI) showed a total of 38,926 new car sales in April 2020, compared to 75,550 in April of last year. 

This is the largest single decrease of any month since VFACTs figures were first recorded in 1991, and the 25th consecutive month of declining new car sales year-on-year. 

Year to date figures for April totalled 272,287 sales, down from 344,088 in 2019, equating to a 20.9% overall decline. 

halfcarsls

FCAI Chief Executive Tony Weber said the coronavirus had been a massive factor in the dismal figures. 

“Clearly, the COVID-19 pandemic has had a major influence on the April sales result, and reflects a downturn in the broader economy right across the country,” Mr Weber said.

“Figures recently released by the Australian Bureau of Statistics show that 31% of Australian citizens have experienced a decrease in income due to the pandemic. In addition 72% of Australian businesses reported that reduced cash flow is expected to have an adverse impact on business over the next two months.

“These conditions inevitably impact consumer confidence and purchase decisions.”

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

Update resultsUpdate
Filters
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 TagsFeaturesLinkCompare
7.19% p.a.
8.31% p.a.
$597
Fixed
New
1 year
$8
$400
$35,804
Approval within 24 hoursEarly payout available
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
6.69% p.a.
7.81% p.a.
$590
Fixed
New
1 year
$8
$400
$35,379
Approval within 24 hours
  • Save the planet. Save thousands on your car loan.
  • Get a discounted rate if you buy electric
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
6.57% p.a.
7.19% p.a.
$588
Fixed
New
No Max
$0
$250
$35,278
Loan amounts from $2k to $75k
  • Available for any new motorised vehicle
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
6.34% p.a.
8.36% p.a.
$585
Variable
New
1 year
$8
$400
$35,084
7.29% p.a.
8.41% p.a.
$598
Fixed
New
1 year
$8
$400
$35,889
6.69% p.a.
6.96% p.a.
$590
Fixed
New, Used
No Max
$0
$195
$35,379
7.19% p.a.
7.82% p.a.
$597
Fixed
New, Used
7 years
$0
$249
$35,804
No ongoing fees
8.27% p.a.
8.27% p.a.
$612
Fixed
New, Used
No Max
$0
$595
$36,731
7.95% p.a.
8.16% p.a.
$608
Fixed
New
5 years
$0
$150
$36,454
8.99% p.a.
9.33% p.a.
$623
Fixed
New, Used
7 years
$5
$0
$37,356
9.24% p.a.
9.86% p.a.
$626
Variable
New, Used
10 years
$5
$195
$37,575
9.49% p.a.
10.82% p.a.
$630
Fixed
New, Used
No Max
$9
$474
$37,795
  • 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.

More details
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

Toyota continued to be Australia's most popular new car brand with 10,325 vehicles sold, followed by Mazda and Kia. 

Toyota also boasted the three most popular individual models, with the Toyota Hi-Lux coming in first, followed by the RAV4 and the Landcruiser. 

New South Wales led the states in sales volume with 11,938 vehicles sold, followed by Victoria and Queensland. 

Mr Weber said when social distancing measures are relaxed and the economic hibernation is lifted, the automotive industry needs help to recover. 

"We are calling on Federal and State Governments to consider the automotive industry, which employs over 65,000 people in Australia, when compiling their recovery plans,” he said.

“The JobKeeper and JobSeeker payment programs put in place by the Federal Government are a welcome initiative.

“However, we believe the scope needs to ensure high turnover and low margin businesses, such as new car dealerships, are covered.

“Initially, we would ask that the instant asset write off package is extended to further stimulate business purchasing.”

More to come..