Now is the best time to buy a car as sales plummet

“If I was a consumer this is the time to buy because you’re never going to get a better deal than now.”

That’s the key point according to chief executive of the Federal Chamber of Automotive Industries (FCAI), Tony Weber, when referencing the slide of Australia’s new-car market.

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Sales continue to slump and the August FCAI results reveal the seventeenth-consecutive month of declining sales.

Total sales for August 2019 came in at 85,633 units, which is a drop of 10.1 percent over the 95,221 cars sold in August 2018.

Weber went on to explain that it’s not all doom and gloom, especially for those wanting to buy in the near future as manufacturers become more willing to negotiate for sales.

“There is extensive product – there are almost 400 models in the marketplace so competition is fierce and pricing is competitive,” he said.

However, Weber acknowledges that the current market conditions are unquestionably tough at the moment and that “despite the best efforts of the industry, the decline in sales continues”.

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“It is well known that Australia is one of the most competitive markets in the world and with the current economic environment, it is also one of the most difficult markets in the world.

“This environment stems from a slow start to the year, with tight financial lending, State and Federal elections and a general lack of consumer confidence, both here in Australia and on an international basis.

“The question needs to be asked about whether the current regulatory approach to financing is appropriate, and if not, what harm it is doing to both the sector and the economy more broadly,” Weber said.

The top 10 selling brands for August 2019 also offers insight into the decline, with Kia being the only marque to increase sales over the same month in 2018.