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New car sales on the increase

Australian car sales stronger

Latest figures from the Federal Chamber of Automotive Industries indicate that 74,864 new passenger and commercial vehicles were sold in January this year (2010). This represents an 11.6 % increase in comparison to January 2009.

One of the reasons for this increase is attributed to government subsidies to the car industry. Although these figures are not seasonally adjusted they provide the Australian market with confidence at the onset of 2010.

On January 1st this year, the Australian government reduced the new car import tariff from 10% to 5 %. This in turn has prompted many car dealers to pass the savings on to consumers.

Confidence in a strong market is also reflected by the Ateco Group, Australia's Ferrari importer, who has spent $32 million on dealership building alone.

The price of a new Ferrari begins at $450,000. Recently major banks have again decided to lend money for exotic car purchases, and car loans in this range are again available to selected customers.

A large portion of the Australian car market belongs to the following three car sellers: Toyota (19.5%), Holden (14%) and Ford (9%).

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