Car sales have been declining for several years, not just as a result of the recent Coronavirus issues. However Rob Fraser tells us that now might just be the best time to buy a new car.
In March new car sales fell by nearly 18% compared to 2019. I have dusted off my old Economics degree, and my modelling analysis tells me that by the end of June 2020, the new car sales will be close to 50% down on last year YTD.
We were already headed for recession and the lockdown around coronavirus have closed down the economy with increased unemployment and cash flow issues for business.
However now might just be the best time to buy a new car
Reasons are
- The immediate tax write off of asset purchases up to $150k
- Dealers have excess stock and will fall over themselves for the sale,
- Finance has never been cheaper for years
- There will be a supply shortage in the second half of the year
So listeners, if you are in a position to do so, go and buy your new car NOW, besides its an excuse to leave the house.
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