The truck sales figures for December and 2023 in total recently released by the Truck Industry Council (TIC) reveal record numbers and Isuzu Trucks the dominant, market-leading brand for the 35th year. The total number of vehicles in 2023 sold beat the 2022 figure, which was a record year, by over 3,000 and the month of December also outdid the usual numbers for the last month of the year.
The results are extremely pleasing to the sector and may be a good omen for individual businesses and the economy. But the biggest celebrations will likely come from Isuzu Trucks which once again came out as the number one, top selling brand, capturing nearly 29% of the total sales. For operators in the market for new vehicles and keen to know which are the best sellers, we cover off on the latest results and provide an update on low rate heavy vehicle financing options.
Brand Rankings by Sales
With the release of the monthly and annual truck sales data, of particular interest to many operators is how individual brands performed. Many operators are loyal to a brand, while others may prefer to take the lead from what other businesses are buying.
Rankings of brands with total sales of heavy, medium and light vehicles and vans for 2023 saw Isuzu Trucks leading the field with a slight increase on 2022 sales. Hino was second and Fuso overall third despite a slight dip in sales. The heavy duty segment performed very well in 2023 and saw Kenworth come in fourth place overall followed by Volvo and then IVECO. The final four in the top ten were Mercedes-Benz, Scania, UD Trucks and Mack.
Then followed DAF with an impressive 21% uptick, Fiat, Freightliner, MAN, Hyundai also with a 20+% increase, Renault, Western Star, VW, Dennis Eagle, Foton, SEA Electric and then Ford.
Kenworth Tops Heavy-Duty Category
The heavy-duty segment had performed well throughout 2023 and the total for the year was around 2,500 units above the 2022 result. Making 2023 a record sales year in the category. Kenworth topped the brands, taking over 20% market share with Volvo not far behind and Isuzu in third spot.
Isuzu On Top in Medium Duty Trucks
The medium-duty segment is one of the most popular and three brands continue to dominate. But it was Isuzu taking out the top spot with just under 50% of the total segment sales. Hino captured nearly 29% of the segment sales and Fuso 15%.
Isuzu Records 45% of Light Duty Sales
While the light-duty segment has not performed as well as the others in 2023, Isuzu continued to post impressive results, capturing 45% of sales. Hino was second top seller followed by Fuso and then IVECO.
Heavy Vehicle Financing Options
While manufacturers continue to release new models and new fuel systems, the selection of financing products to fund new vehicles remains constant. Operators have the choice of Truck Lease, Chattel Mortgage, Rent to Own and Commercial Hire Purchase. These credit facilities can suit funding vehicles across all segments and with all types of fuel systems - electric, hydrogen and diesel-powered vehicles.
As we are now in the second half of the financial year, many businesses will be looking at ways to optimise their tax deductions on asset acquisitions for the year. Temporary full expensing, aka Instant Asset Write-off, ended on 30 June 2023 so that major tax write-off is no longer available. In the Federal Budget, it was proposed to allow IAWO on acquisitions of up to $20,000 for small businesses, but this is not into law and would not apply to the pricing of new heavy vehicles.
All commercial credit facilities do offer tax deductions with monthly payments deductible with Rent-to-Own and Leasing and depreciation deductions with CHP and Chattel Mortgage. Operators are advised to discuss the options with their accountant to ensure the most effective solution is selected.
Truck Loan Opportunities for New Operators
This is a popular time of year for individuals to put their plans of self-employment as an owner-operator in action. We support new operators with lending options and lenders that can provide workable vehicle funding to get the new business off to a great start. Speak with one of our brokers about our new business financing facilities.
Best Rates on Isuzu Trucks Finance
The leading brand is sure to again be on the top of many buying lists for 2024. Whether for heavy, medium or light duty models from the market leader, we have the contacts and resources to secure the best lending rates. Jade Truck Loans offers better finance rates with affordable loans on market-leading Isuzu Trucks across heavy, medium and light duty models.
Based on the latest sales results, demand for all segments of the heavy vehicle market are in demand. To ensure you secure your preferred model quickly, speak with us before purchasing to secure your funding.
For better rates and more affordable finance on Isuzu and other leading brands, 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