Boom time for Porsche

Herald Sun - Motoring - - Front Page -

AUS­TRALIA’S Porsche deal­ers are tak­ing it easy this month, and they are prob­a­bly not alone. The planned in­crease in the tax on lux­ury ve­hi­cles led to a rush on show­rooms last month. Porsche in par­tic­u­lar pushed through as many de­liv­er­ies as pos­si­ble be­fore the last hours of the fi­nan­cial year. Peo­ple were keen to com­mit be­fore the tax on their new ex­otic jumps from a nasty 25 per cent to a plain aw­ful 33 per cent. The re­sult was a huge month for the Ger­man sports car, but the ‘‘pull for­ward’’ in the com­pany’s busi­ness means there will be a lot less show­room ac­tion for a while. The Porsche re­sult shows how much depth there is to the sim­ple set of fig­ures that emerges each month from VFacts. The raw fig­ures for June are im­pres­sive, and not only for Porsche. That’s why we have a full break­down in the mid­dle pages of to­day’s cars­Guide. The mo­tor­ing num­bers show a record June, a record half-year, a record fi­nan­cial year and lots more, in­clud­ing a pre­dictably im­pres­sive per­for­mance by Toy­ota. But de­spite the ex­cel­lent re­sults, there is a wor­ry­ing trend. The tax change is es­ti­mated to have put an ex­tra 1575 lux­ury cars into home garages last month, which is more than the over­all monthly in­crease of 1444 in June last year. With­out the one-off ef­fect, the num­ber for the month would prob­a­bly have been down slightly. And private sales last month were down 2.2 per cent from June last year. Ob­vi­ously, buy­ers of lux­ury cars have cash to splash on panic pur­chases, but or­di­nary peo­ple are be­gin­ning to desert show­rooms. And things are likely to get much tougher, with fewer record num­bers, in the sec­ond six months of the year.

One-off re­sult: Porsche did well in June as buy­ers rushed to beat the higher tax on lux­ury cars.

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