Australians borrow $8.1 billion a year to buy new cars

AutoExec Summary
In Australia, car financing has surged, with $8.1 billion borrowed in the past year, leading to over $500 million in interest payments. Approximately 19% of new car sales were financed, with the average loan exceeding $36,000 at a 6.3% interest rate. Despite high interest costs, new regulations may benefit buyers by limiting dealer markups on loan rates. Interestingly, car prices have decreased by 16% since 2000, offering consumers better value amidst technological advancements.

Brands mentioned: Toyota, Corolla, HiLux