Official VFACTS data tells us that 75,439 new vehicles were sold in May. That’s around 13,000 cars (14.9 per cent) down on May 2008 figures.
If we delve a bit deeper we can see that the drop in sales to business buyers is around half the overall figure at 7.2 per cent. The Federal Chamber of Automotive Industries says this is due to the current tax bonus on offer, allowing up to 50 per cent tax deductions on new car sales to business purchasers.
“The business tax break is proving extremely effective, providing a much needed boost to vehicle sales and stimulating economic activity,†FCAI Chief Executive Andrew McKellar said.
Year-to-date figures, however, show a larger drop in sales with the current 2009 figure of 352,374 down 19.2 per cent at the same stage last year.
Toyota heads the charts so far in 2009 with 15,481 sales, ahead of Holden with 9,177 and Ford with 8,440.
FCAI press release after the jump. You can also visit the FCAI website for state by state and vehicle segment breakdowns.
BUSINESS TAKES ADVANTAGE OF TAX BREAK ON NEW VEHICLES
There is positive news in the latest vehicle sales figures with increased business purchases providing a much-needed confidence boost to the market.
Official VFACTS data released by the Federal Chamber of Automotive Industries (FCAI) shows that 75,439 passenger cars, SUVs and commercial vehicles were sold in May 2009 – down 14.9 per cent (13,201 vehicles) compared to the same month in 2008.
“The May figures provide a tangible indication that new vehicle sales have stabilised and indeed there are even grounds to suggest we may see signs of improvement in coming months,†FCAI Chief Executive Andrew McKellar said.
Sales to business buyers in May were only down 7.2 per cent on a year ago.
“There is clear evidence that the Federal Government’s business tax break is providing the market with a renewed sense of optimism and confidence,†Mr McKellar said.
“The business tax break is proving extremely effective, providing a much needed boost to vehicle sales and stimulating economic activity,†he said.
“Vehicle brands have been promoting this incentive heavily in recent few months and since the legislation has been passed there has been a perceptible increase in business sales,†he said.
Year-to-date 352,374 new vehicles have been sold, down 19.2 per cent compared to the same period last year.
Toyota continued in the top sales position in May with 15,481 vehicle sales, ahead of Holden with 9,177 and Ford with 8,440.