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The cost of a new car sale will be more expensive after July 1st 2017

Work Ute

In the market for a new car, work vehicle or family SUV?

New cars purchased after July 2017 will incur an additional 1% in stamp duty.

This increase will be the equivalent of a further $300 on a $30,000 car.

Victoria has had lowered stamp duty since 2007 as part of a Government initiative to support local car manufacturing but will come to an end next month following the collapse of both Ford and Toyota's production lines here in Victoria.

Although there are a few political opinions as to why the manufacturing of new cars has decreased, it's fair to say that support in this manner to encourage the purchase of new cars, is not longer needed.

Both new and used cars will now attract the same stamp duty requirement.

There's only 10 days left before the end of June so call me if you would like a cheaper new car before it costs more!

The original news article is a subscriber-only article but the information can be found in various Budget 2017 articles.