Amid the ongoing uncertainty prevailing in the economy due to lockdowns and restrictions, the market for new trucks continues to demonstrate varying trends among the major manufacturers. Although statistical comparisons are often drawn against the same period of the previous year and the year-to-date figures, it's important to acknowledge that making direct comparisons in the current COVID-19 environment might not hold significant relevance. The situation experienced in 2020 was unprecedented, and the current landscape remains marked by uncertainty in many parts of the country.
However, for individuals seeking to acquire a new truck, these sales figures offer insight into which manufacturers are resonating with other buyers. These figures highlight the top-performing truck brands for a given month. While monthly statistics serve as a general indicator of market trends and buyer preferences, they could potentially offer valuable guidance to prospective buyers like yourself.
Figures reported are based on the TMARK new truck registrations as collated by the Truck Industry Council. July 2021 posted a growth of 14% compared with July 2020 and YTD of just over 20% compared with the previous year, but as mentioned – read into that what you will.
Results per Truck Class
In certain prior reporting periods, noteworthy growth was observed particularly in the medium and light duty truck categories. This growth, especially evident throughout 2020, was often attributed to the surge in online shopping and the heightened demand for home delivery services. However, in the current reporting period, the heavy-duty truck category has emerged as the standout performer, showcasing stronger performance compared to medium-duty sales, which have experienced a decline. Meanwhile, sales of light-duty trucks continue to exhibit growth.
Across all categories the biggest selling manufacturers for new trucks are led by Isuzu with Hino in second place, Fuso third, Kenworth fourth and Mercedes-Benz rounding out the top 5. Isuzu is always a top performer and new releases may have contributed to this month’s good results.
The sales figures for July could also potentially reflect the influence of End of Financial Year (EOFY) deals presented by various manufacturers and dealers. Frequently, these exclusive discounts can play a decisive role when prospective buyers are evaluating their options among several similar makes and models.
- In the heavy-duty category it was Kenworth well out in front with total sales, followed by Volvo then Isuzu, Mercedes-Benz and Scania. Good to see European makers performing well despite global supply chain issues affecting some manufacturing industries.
- The medium-duty category is a highly competitive sector and the top two selling brands – Isuzu and Hino, were very close in total number of units sold. Then can Fuso which although in third, posted an impressive increase in year-on-year (YoY) figures. Also posting an impressive YoY increase was UD Trucks which finished in fourth. Closing out the top 5, IVECO with a 16% decline YoY.
- Light-duty trucks continue to perform impressively with good sales and increases YoY across all in the top 5. Isuzu remains in top place followed by Hino, then Fuso and IVECO with Fiat in fifth spot.
Depending on the specific category of new truck you're considering purchasing, these sales figures could provide valuable insights for your acquisition strategy. Take a look at the promotions available from different dealers to determine if any of them could significantly influence your decision. Before you visit a dealership, have a conversation with us to secure a pre-approved truck loan, ensuring you're well-prepared to finalize the deal on the spot.
Truck Purchase Tax Measures Available
Lockdowns may stop some business activity but they don’t curtail the availability of tax measures on new truck purchases. For many new truck buyers, subject to eligibility, the temporary full expensing and Instant Asset Write-off tax measures are available. These are extremely attractive to many businesses in enabling the full purchase price of the truck to be written-off/depreciated as a tax deduction in the same financial year as it was purchased.
To take advantage of these measures, buyers will need the appropriate finance product which is considered to be Chattel Mortgage for truck & trailer financing. Refer to our product pages for full details on this loan type. Where this loan type does not suit your business set-up, both Leasing and Rent to Own are available through Jade Truck Loans and offer their own tax deductible elements.
Your Jade consultant is your primary contact for sourcing, negotiating, structuring, and finalizing your truck loan. However, when it comes to determining the most suitable finance product to align with your business goals, your accountant serves as the expert to provide valuable advice.
Truck Loan Interest Rates
In sync with the good performance of truck sales, our truck loan interest rates on truck loans continue to impress at historic low rates. Refer to our Interest Rate Comparison Calculator to see our current rates across our loan portfolio.
A key point to remember is that all of our truck loans come with a fixed interest rate. Unlike home loans where the fixed rate may only apply for a limited period, our fixed rate truck loans remain constant throughout the entire loan term. By securing a low fixed rate now, you can enjoy the peace of mind knowing that you won't have to contend with any interest rate increases for the duration of your truck loan, which can extend up to 7 years.
Additionally, we want to emphasize that our full lending services are available to customers across the nation, irrespective of any lockdowns or restrictions in place. Feel free to reach out to us for general enquiries to discuss your financing requirements.
Contact Jade Truck Loans on 1300 000 003 to discuss a cheap interest rate truck loan on a best selling truck.
DISCLAIMER: THIS INFORMATION IS ISSUED PURELY FOR THE PURPOSE OF GENERAL INFORMATION PROVISION. IT IS NOT TO BE TAKEN AS THE ONLY SOURCE OF INFORMATION FOR BASING FINANCIAL DECISION-MAKING. THOSE REQUIRING FINANCIAL GUIDANCE AND ADVICE SHOULD CONSULT WITH THEIR FINANCIAL CONSULTANT OR ADVISOR. NO LIABILITY IS ACCEPTED FOR ANY MISREPRESENTATION OF POLICIES, DATA OR ERRORS IN THIS CONTENT.
