Motorists switching back to traditional vehicles

There's been a big surge in petrol and diesel vehicle purchases after the government eliminated the Clean Car Discount.

The Motor Industry Association reported that 96.2% of all vehicle purchases in January were for petrol or diesel vehicles, compared to 86.1% the year before.

Meanwhile, the share of battery electric vehicle purchases fell from 10.0% to 2.2%, while the share of plug-in hybrid purchases fell from 4.0% to 1.6%.

 

Toyota leads the way

Overall, motorists purchased 12,649 vehicles in January, which was 1.3% higher than the year before.

Almost two in three buyers (64.2%) purchased light passenger vehicles, while the rest opted for light commercial (30.0%) and heavy commercial (5.8%).

For buyers of light passenger vehicles, the most popular brands were Toyota (20.1% market share), Mitsubishi (14.1%) and Kia (10.2%), while the most popular models were the Toyota RAV4, Mitsubishi ASX and Mitsubishi Outlander.

 

Mortgage adviser vs car dealer

While some motorists get their car loan through the dealer, it's generally better to go through a mortgage adviser.

That's because a mortgage adviser will have access to a panel of lenders they can refer you to, whereas dealers will often use just one. More lenders means more choice, which usually results in a better deal.

Also, while car dealers are vehicle experts, they're not finance experts. Mortgage advisers, by contrast, are skilled in analysing how any loan would fit in with your overall financial position, budget and goals.

Finally, if you consult a mortgage adviser ahead of time, they will be able to confirm your borrowing power, which means you’ll know how much you can spend on their vehicle purchase.

So if you’re thinking about purchasing a vehicle, please contact me first.

 

 


Published: 24/2/2024