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Car bookings tripled. So many people NEED a car?

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How long have you driven your current car? Long enough to think about changing to a new car? Thinking of upgrading your car since you now have an upgrade in position? Are you buying a car soon? Sales tax for new cars are now 100% exempted (local CKD models). Reported recently were some positive comments from some car brands. For one of them, the car bookings have tripled when compared to the period before the announcement of the car sales tax exemption.

Article in carsifu.my MIDF Research said Bermaz Auto (BAuto) saw almost a tripling in daily bookings compared to post-movement control order (MCO) levels. It said in a note, “Our channel checks with selective industry players suggested possible early signs of improvement in sales. BAuto (which sells Mazda cars), for example, saw a strong rebound in daily bookings post the automotive tax-holiday announcement on Friday last week.”

Maybank Investment Bank Research (Maybank IB) said the introduction of the tax exemption is a timely inducement to spur sales decimated by the MCO exercise since March. It said, “We are positive on this, for it will spur purchases and reduce inventory build-up. Sales were severely curtailed during the MCO period. We draw parallel of this ‘tax incentive scenario’ to the situation back in June to August 2018, when the 6% goods and services tax was zero-rated.” Please do read the article in full yeah. Article in carsifu.my

By the way, assuming all these car bookings do turn into actual buys, it tells a lot more than just car numbers yeah. It’s a positive sign that people continue to have money to spend. It tells of people still having stable jobs with stable salaries. Do note that when the job is not secure, no one thinks of buying a car. Definitely not a new car. Secondly, if I have no money, I have no money. Simple fact. If no money, how to buy a car? Perhaps should think about MY100 instead? To be certain, we need a few more months of numbers. In the mean time, feel free to start test driving some models you have been eyeing on. Happy enjoying.

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Next suggested article: Property prices rising too fast is not a good idea for everyone

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