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Global car industry shuts down in the wake of COVID-19

Like the rest of the world the global car industry is in turmoil as manufacturers introduce temporary production stoppages in the wake of the coronavirus pandemic.  UK, European Asian and American plants are all affected most closing for around two weeks and monitoring closely the situation going forward. Despite the factory closures local car importers remain optimistic about retaining supply of new vehicles and parts. However, according to the Federal Chamber of Automotive Industries all car dealers remain open but most report much slower traffic – issues since last year relating to tighter finance lending practices and a stagnant housing market, along with the drought and bushfire catastrophes all point to the lowest annual car sales this year since the GFC. As such there’s still a lot of 2019-build stock in the market. Make sure you check the build date before taking delivery as a 2019-build car has already lost one years’ depreciation, which depending on the car, could be worth many thousands of dollars.

I’m David Berthon

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