New vehicle sales fall in July, ABS says
The Australian Bureau of Statistics (ABS) has confirmed that new vehicle sales dropped in July.
According to the latest figures, the number of overall purchases was down by 0.8 per cent during the month in seasonally adjusted terms.
Sales of passenger cars fell by 5.3 per cent, while the demand for sports utility vehicles dipped by 1.2 per cent.
However, this was offset by a sharp 11.1 per cent rise in the shipment of "other vehicles", which includes vans and trucks.
Recent studies have shown that people are increasingly turning to used vehicles as a cheaper alternative to brand new showroom models.
This is perhaps unsurprising in the circumstances, as many Aussies are struggling financially and the cost of motoring is still very high.
People must fork out for car insurance, repairs and petrol – and this can be incredibly expensive when added together.
Last week, CommSec economist Savanth Sebastian told the Australian Associated Press that fuel prices are set to rise again before the end of August.
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