Quit saving for that souped-up sportscar you’ll never be able to afford because recent changes to the Motor Vehicles Standards Act means the Australian car market is about to change, big time.
From 2018, a consumer will be able to import a new car or motorcycle from another country that conforms to Australia’s standards. The vehicle can’t be any more than 12 months old and have no more 500km on the odometer.
While the countries with comparable standards are yet to be seen, the UK and Japan are confirmed to meet the criteria. It means that consumers will be able to bypass hefty luxury car taxes by importing from overseas, and as a result, used car prices will decrease across the board.
The government has also amended the Customs Tariff Act 1995 to remove the $12,000 special duty on imported used vehicles from 2018. The duty isn’t always applied but according to major projects minister Paul Fletcher, “…[It’s] seen by consumers as a hurdle to importing second-hand cars even in the specific circumstances where such imports are permitted. By removing this duty, we will provide more options for Australian consumers.”
Cheaper rides for all.
[via Business Insider]