Housing prices weren’t the only thing that started the year on a bit of a downturn, as car sales have also seen a decline.
Car loans may not be on the cards for as many Australians this year, as the Federal Chamber of Automotive Industries (FCAI) reports a drop in vehicles sold for the month of February this year, a number that is down compared to where it was last year.
As it stands now, the numbers sit at 87,102 just for February, with 169,096 sold from the beginning of the year until now, numbers which the FCAI says are both lower than they were in 2018, to the tune of 9.3 per cent in February and 8.4 per cent for the year to date.
While car sales are down, not all vehicles have dropped in sales numbers, with light commercial vehicles bucking the trend and seeing an increase during February.
According to the FCAI, the three top selling vehicles in the Australian market during the month of February were light commercial vehicles, including the Toyota Hi-Lux, the Ford Ranger, and the Mitsubishi Triton.
“Given the current challenging economic conditions, including a downturn in the housing market, the automotive industry is not surprised by the slower start to the year,” said FCAI Chief Executive Tony Weber.