Boom time for Porsche
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.