With Coronavirus is now the time to buy a new car?

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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.

Motoring Minutes are heard around Australia every day on over 50 radio channels through the Torque Radio networkMotoring Minutes have an average daily audience of over 150,000 listeners. Motoring Minutes are also broadcast as part of Overdrive Radio Program, which is broadcast through the Community Radio Network across Australia and has a weekly audience of over 430,000. 

About Rob Fraser 1471 Articles
Rob Fraser – General dogsbody & Director Rob is the founder of the business. He constantly mutters something about way too many red wines one evening being to blame. Often known for taking the 4WD in the driveway over the sports car, he has travelled pretty much everywhere in Australia and when he is bored goes for a drive. He first learned to drive on the farm in a left hand drive WW11 Jeep when he was 11, and was hooked on 4WDriving way back then. In addition to 4WD he is an avid motoring enthusiast and has maintained a strong interest in the industry ever since his teens. He has owned way too many cars in his time as well. Having previously lived at the top of corporate life he retired in 2000 and hasn’t put a suit and tie on since. Cars are his passion so why not have a business doing what you love he figures. He has towed either a caravan or camper trailer to most parts of Australia, has run guided tours for camper trailers’ and instructed drivers in off road towing.