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New vehicle sales fall 0.8%

New vehicle sales fall 0.8%

New data has revealed that Australians have been buying fewer new motor vehicles, suggesting that consumer confidence is weakening.

The Australian Bureau of Statistics has reported that 98,882 new motor vehicles were sold in September – a decline of 0.5 per cent in monthly terms and 0.8 per cent in annual terms.

New South Wales and Tasmania were the only states to experience a month-on-month increase in sales, while New South Wales and Western Australia were the only states to experience a year-on-year increase.

RegionSeptember salesMonthly changeAnnual change
NSW33,8131.8%1.0%
Victoria27,813-1.4%-1.1%
Queensland18,830-3.8%-1.8%
Western Australia8,318-0.5%0.3%
South Australia5,937-1.6%-4.9%
Tasmania1,80017.4%-1.2%
Northern Territory871-8.2%-7.2%
ACT1,499-2.9%-4.7%
Australia98,882-0.5%-0.8%

Passenger vehicles declining in popularity

The statistics also show that sports utility vehicles outsold passenger vehicles, for the fourth consecutive month.

Another finding is that there was a 9.1 per cent decline in passenger vehicle sales over the year, even as sales of sports utility vehicles and other vehicles increased.

TypeSeptember salesMonthly changeAnnual change
Sports utility vehicles38,527-1.2%0.4%
Passenger vehicles36,6670.4%-9.1%
Other vehicles23,688-0.9%13.0%

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Both businesses and individuals may use a chattel mortgage, provided that the car is being used predominantly for business purposes. 

To apply for a chattel mortgage, you need to first consider your options and choose a suitable lender that meets your requirements. Once you have selected a lender, you can apply for the loan online by filling out a form. If the lender doesn’t offer an online application process, you can either call them or visit their nearest branch. 

After you’ve applied, the lender will ask you to supply documents that confirm your identification, income, job profile, etc. If everything is in order, most lenders will arrange the loan’s settlement, so all you need to do is pick up your car!

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Getting approval for a chattel mortgage with bad credit may be possible, given ‘chattel’ (usually a piece of equipment or car) is put up as security for the loan. That means if you fail to repay the loan, the creditor can recover the loaned amount by repossessing and selling the car or piece of equipment. This differs from unsecured car loans, where the asset is not tied to the loan and cannot be taken if you don’t meet the repayments. 

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