Demand for cars set to drop

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Demand for cars set to drop

Postby admin » Sun Sep 28, 2008 4:14 am

KUALA LUMPUR: The demand for cars, new and used, is expected to drop for the rest of the year following the weak economic growth and the increase in interest rate to about 3.8%.

Malaysian Automotive Association (MAA) president Datuk Aishah Ahmad said the financial institutions were also imposing more stringent loan qualifying conditions, and this would affect car sales.

As a result, in August, the Total Industry Volume (TIV) fell 0.75% year-on-year to 47,227 units from 47,585 units previously.

When compared to July’s sales, Aishah said the TIV in August fell 12.5%, or 6,757 units compared to last year.

“We have to brace for tougher times as demand for cars and commercial vehicles may decline, not only because of the rising interest rates but also because of high inflation,” she said.

RHB Research Institute, in an update on the motor sector early this month, said consumers would likely hold back on more expensive purchases, including new cars, amidst increased inflationary pressure.

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