“There has never been a better time to buy a car,” VACC Executive Director, David Purchase said.

“Last week’s new vehicle sales figures, released by VFACTS, reported 71,647 cars, trucks and light buses were sold in November – down 22.2 percent compared to the same month last year.

“Clearly, everyone connected with the automotive industry would like to see better figures, but it is not all doom and gloom.

“In fact, the fundamentals are good – Australia is uniquely well-placed to ride out this global downturn.

“There is no reason for Australia to slip into recession. We need to get that message out. We simply need people to keep spending, to keep money circulating through the economy. That is the best way to protect jobs and defend the strong economic position of this country.

“It is highly likely that total Australian car sales in 2008 will be close to one million. This does not signal an economy on the brink of recession.

“But right now, new car dealers must reduce their inventory. Slowing sales and overstocked dealerships means that it is now a car buyer’s paradise,” said Mr Purchase.

“There is a lot of stock on the forecourts, interest rates are down and dealers will be keen for business.

“For car buyers, we advise them to seize the opportunity while they can, because this situation will not last forever. The fall in the Australian dollar means that prices for imported cars must rise once dealers clear current stocks,” Mr Purchase said.