Malaysians are taking this tax holiday period very seriously this time around, and we're not talking about shopping or eating out.
According to the Malaysian Automotive Association (MAA), sales for new vehicles skyrocketed last month, making July 2018 the second highest
monthly total industry volume (TIV) ever in history!
The New Straits Times
reported that the sales increased by 41 per cent, or 19,912 units to be exact compared to July last year.
A total of 68,465 units
were sold in one month, achieving second highest after the 69,371 units recorded in December 2015.
When compared month-on-month, the sales were six per cent (3,963 units) higher than June this year.
There is only one reason for this sales spike and we believe everybody knows this. So, let's all say it together: zero-rated goods and services tax (GST)
This new mandate made cars across the board reduce prices and of course, Malaysians were thrilled.
Six per cent may sound like peanuts to you. But when you put it against the price of an imported car, next thing you know, you'll be shouting, "Buy! Buy! Buy!"
In fact, new vehicle sales increased by 7.6 per cent (25,173 units) within the first seven months of this year, as opposed to the same period in 2017.
The whole industry also managed to produce 25.5 per cent more units in July, making it 55,164 units in total, compared to 43,952 units two years ago.
To date, a total of 336,111 units of new vehicles have been produced.
MAA predicted this trend to maintain in August because of the price reduction.
So, do you know anyone who bought a new car recently? Call them out for a road trip!