If you’re interested in buying a new car, we’ve got good news and some more good news. The good news is that this is the perfect year for Australians to buy a new car, according to the predictions of independent Australian automotive industry expert John Cadogan. He’s not an astrologer, but at the start of the year, Cadogan, Channel 7 Sunrise's motoring expert, described 2014 as the “perfect storm for car buyers”. Why? First, he stated that despite the threat of recession, the Reserve Bank of Australia would remain nervous of cutting interest rates. This year’s low interest rates, which are still at 2.5% cash rate in July, are extremely good news for buyers seeing car finance. Second, John pointed out that earlier rate cuts would make borrowing easier, freeing up more disposable income. Well, that’s certainly good news for the new car industry in Australia. Now for the less positive prediction. John pointed out that 90% of new cars sold in Australia are imported, and that the slightly lower dollar would lead to a mid-year increase in imported car prices. And so it has. But thankfully, the positive far outweighs the negative, and there’s still time for you to benefit. We think John Cadogan’s predictions from January 2014 have been pretty spot on. From our mid-year perspective, interest rates are still low, and are attractive enough to offset the slight rise in prices. And with fixed rates and terms of 3, 4 or 5 years available, the benefits of buying a new car now are better than they’ve been for years. What do you think?
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