New Motor Vehicle Sales in Malaysia Fall for 15th Straight Month in April

KUALA LUMPUR, Malaysia (AP) -- New motor vehicle sales in Malaysia fell 17 percent in April from the same period a year ago amid a lack of consumer confidence, difficulty in securing loans and weak resale value, an industry group said Wednesday.
It marks a 15th straight monthly decline in new auto sales in Malaysia, Southeast Asia's largest passenger car market.
Sales fell to 33,679 units in April, and was also down 13 percent from March, the Malaysian Automotive Association said in a statement.
For the first four months of the year, sales sank 16 percent from a year earlier to 138,629 units, it said. Sales in May are expected to be maintained at the same level amid new car launches, it added.
Last year, new auto sales in Malaysia dropped 11 percent to 490,768 units. The association has predicted sales to rebound and grow 1.9 percent this year to half a million units, but there has been no improvement so far.
It has urged the government to give cash incentives to encourage car owners to voluntarily scrap old cars and ensure less stringent financing terms to boost sales. It said new vehicle sales in the country were spurred largely by owners upgrading their cars, but weak resale value of used cars has hurt demand for new ones.
The Federation of Motor and Credit Companies Association of Malaysia, which groups some 2,000 car dealers, has estimated that more than 600,000 used cars worth 12 billion ringgit ($3.4 billion) were unsold in the country.

tunku : car sales fall for 15th straight month...and the government saying that our economy is at it best.the bank are not giving the loans,this happen only when the economy is not good.think for yourself whether the economic situation is bad or good.