The truck sales market has been very strong lately as operators replace and upgrade to achieve improved efficiencies and safety and take advantage of the availability of IAWO. While temporary full expensing ended on 30 June, August sales figures were not as big as in previous months. To assist buyers in planning their next truck acquisition, we cover the August sales results and note the top selling truck brands in each segment.
General Sales Report - August
The Australian truck market has enjoyed a few record-breaking months in sales, especially in the heavy duty segment over the past few years. Instant Asset Write-off and temporary full expensing were noted as sales drivers as operators took advantage of the tax deductions and acquired new, more efficient vehicles.
August truck sales were less impressive but still contributed to an encouraging year-to-date (YTD) outcome. Compared with August of last year, August 2023 sales dropped 0.1%. However, the YTD sales show an 11.3% increase on the same period in 2022. While the exceptional deductions of IAWO are no longer available, except for businesses with under $10m turnover for $20,000 purchases, truck finance products all offer tax-deductible elements.
Top Selling Trucks - August
Business owners looking to purchase new trucks may be interested in which brands topped the sales charts for August. In overall sales, Isuzu sold the most sales across all segments, followed by Hino Trucks and then Fuso. Making up the rest of the top 10 selling brands overall were Volvo, Kenworth, Iveco and Mercedes-Benz, followed by Scania UD Trucks and finally Mack.
While sales overall may have been a little flatter than in previous months, the heavy-duty category continued its strong sales performance. Sales were 7.1% above August last year’s results and are up 20.9% on the comparison for YTD.
The top selling brand in this segment was Volvo who nudged Kenworth off the top of the podium with only 16 trucks sold. The third placed brand in sales was Isuzu. Next came Scania then Mack, Mercedes-Benz, UD Trucks, then DAF, Hino and Iveco in spot number 10.
The medium-duty segment recorded a 3.6% lift in the same month in 2022 but just a small 0.1% increase on a YTD basis comparison. As is usual, the same brands continue to sell the most vehicles in this category. For August 2023, Isuzu came in as the top-selling brand followed by Hino, with Fuso third. The fourth top selling brand in this segment was UD Trucks, then Iveco, Volvo and Hyundai each selling the same number of vehicles. Rounding out the top 10 in this category were SEA Electric, Mercedes and MAN.
The light-duty category was the worst performer by segment. The sales last month were down by 11.2% when compared with August of last year. But, the YTD comparison shows an increase of 7.6%. The top selling brand in this category was again Isuzu. Isuzu's sales figures were twice plus some more than Hino and Fuso recorded the third best sales numbers. Isuzu’s result represented 46% of sales in this segment for the year. Fourth place was Iveco then came Fiat.
As the first quarter of the financial year draws to a close and the final quarter of the calendar year gets underway, it may be expected that the market will continue a strong showing as operators gear up for the start of 2024. Of course, any new truck purchase has to be affordable and that can come down to the financing.
Financing Selling Trucks
Achieving affordable finance on new vehicles can depend on selecting the most suitable loan product and securing the best interest rates, terms and conditions. Jade Trucks Loans offers the best interest rates on a full portfolio of loan options to enable operators to acquire top selling trucks with affordable finance.
Operators can select the loan product that best suits their tax approach, balance sheet strategy and accounting method from:-
- Truck Chattel Mortgage
- Truck Lease
- Rent-to-Own Truck Loans
- Commercial Hire Purchase Truck Financing
If planning to start operations as an owner-operator, or contractor, speak with our consultants about our No Doc and Low Doc Truck Loans for operators without financials.
The full portfolio of loan products is available for all top selling trucks in all three segments.
Truck Loan Interest Rate Update
All types of used models can be financed with the same selection of credit facilities, including options for second hand truck loans. However, the age and the condition of the vehicle come into consideration when lenders assess the application. The condition of the vehicle may result in different rates, loan terms, and loan amounts than for new vehicles. If buying at auction, it can be smart to contact us prior for pre-approved finance.
Review our current truck finance rates and contact us for a quote on your choice of top selling trucks.
For a quote on finance for a top selling truck, contact Jade Truck Loans on 1300 000 003
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.
