Good news… and bad news.
OK let’s get the bad news out of the way.
Yet again it’s the official car sales figures – this time for February. New vehicle sales were down a whopping 22% in February. This equates to just under 20,000 less vehicles sold compared with the month of February 2008.
However this is positively mild news when compared with the US. The equivalent statistic stateside for the same month was that sales were down an incredible 41% (General Motors down 53% alone!). It’s actually the lowest monthly sales figures seen in the US for 28 years.
So whilst the local news has to be considered ‘bad news’ – it could have been a lot worse.
So, the Good News?
Well it’s good news for those who are looking to purchase a car for business use. After some uncertainty, it has now been confirmed that motor vehicles will fall into the right asset category to claim a 30% tax break on the purchase this financial year. There are a ton of details as you’d expect but in layman’s terms if you are running a business and have had any plans to purchase a car in the next 18 months or so, you should consider ordering now, or at least before June 30.
Level 2, 9 Help Street