It wasn’t long ago that Western Australians were splashing cash around for high powered luxury cars, purchasing boats for use on their days off or high end motorcycles for toys. WA was prospering and the economy was benefiting but today is an entirely different story.
The economic downturn has clearly hit with a drastic drop in the average median income, many of the toys purchased that were bought from boat dealers and car yards have been repossessed due to the inability to keep up with the repayments. Buyers from other states are taking the opportunity, interstate bargain hunters are using motorbike transport companies to help transport bargain motorbikes, toys that have been sold by overcommitted tradies for cheap just to get a better rate than what dealers are offering.
Car dealer Jeffery Myles said the people who bought luxury cars from him during the mining boom are now trading them in for more economical, smaller and cheaper cars to adjust to lower incomes and job losses.
Local and online classifieds such as Gumtree have seen a significant increase in sale listings for automotive and power boats in Western Australia, whilst popular site carsales.com.au have also reported a spike in WA listings for high-powered cars.
For those who are able to afford it, they are taking advantage of cheaper car prices in luxury car brands BMW and Mercedes with both manufacturers reporting sales growth.