New vehicle sales fall 21.9 percent in February


New vehicle sales fall 21.9 percent to 70,241 in February, according to official VFACTS data just released by the Federal Chamber of Automotive Industries

New vehicle sales fall 21.9 percent to 70,241 in February, according to official VFACTS data just released by the Federal Chamber of Automotive Industries (FCAI).

FCAI Chief Executive Andrew McKellar says the result is consistent with the trend of recent months and reflects the impact of broader economic conditions on the new vehicle market.

The industry is urging potential car buyers to consider the significant opportunities that exist in the marketplace and to take advantage of recently announced measures to stimulate the economy.

"The Federal Government has taken action to provide businesses with a considerable tax break when they invest in assets, including new vehicles," McKellar says.

Many businesses will be able to claim a deduction of up to 30 percent of the cost of an eligible new vehicle purchased before June 30, 2009.

"The tax break provides a significant boost to business and will help encourage investment and broader economic activity," he says.

Toyota was Australia's best-selling brand in February with 14,274 vehicles (20.3 percent market share) followed by Holden with 9,029 (12.9 percent) and Ford with 7,396 vehicle sales (10.5 percent).

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