Car sales slump
More than 600 fewer vehicles have sold nationally in November compared to the same month last year, according to industry figures.
The latest sales figures released yesterday show the global economic crisis has hit vehicle sales and the industry is waiting for the impact of interest rate cuts and petrol price drops.
Chamber of Automotive Industries (FCAI) chief executive Andrew McKellar said the figures showed people were being more cautious with their money as the global financial crisis deepens.
“Certainly the most recent interest rate cut was well justified, and it is hoped this will help restore some confidence and stability to the marketplace.
“On the up-side, there are going to be some very competitive opportunities for anyone considering buying a car in the near future,” he said.
The Passenger Vehicle market was down by 11,137 vehicle sales – around 20 per cent – over the same month last year, with every segment dropping sales, with sports cars and large cars among the biggest losers. Sports Utility Vehicle (SUV) sales dropped by 4968 vehicle sales (or 28.1 per cent) – only medium and large SUVs remain ahead of 2007 year-to-date totals.
The November light truck market was down 20 per cent – or 3386 vehicle sales – and the heavy vehicle market decreased by 943 vehicle sales (down 25 per cent) over November 2007. Toyota Australia senior executive director sales and marketing David Buttner said the company was ahead of its 2007 figures and was aiming to stay there.
“I’m pleased we’re ahead of last year and we’re keen to stay ahead of last year without damaging the brand or residual values,” he said.
The total market for November 2008 totalled 71,647 – a drop of 20,434 sales or 22.2 per cent down in the same month in 2007 – just over 600 fewer vehicles sold per day.
The 2008 year-to-date market currently sits at 935,684 vehicles, behind the same period in 2007 by 2.9 per cent or 28,048 vehicle sales.
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Car sales slump
