Posted April 30, 2018 12:54:25 The Australian Competition and Consumer Commission has warned motorists that price hikes for their cars could be coming sooner than expected.
In a report, the commission said it expected some customers to be hit with higher prices as a result of the price rises.
The ACCC is recommending that manufacturers implement a range of measures to reduce the impact of price increases, including price reductions in areas where there are fewer competitors.
Under the ACCC’s proposal, manufacturers would have to reduce their prices in a range between 10 per cent and 20 per cent by the end of 2020.
At the same time, they would also have to make significant price reductions for new cars that are not yet available.
But ACCC commissioner Rod Sims said it was too early to speculate about whether these changes would be enough to bring down the cost of new cars.
“The ACCCs guidance to manufacturers and consumers is not an indication of when the final decision will be made,” he said.
However, he said consumers should be prepared for “more difficult and uncertain times ahead”.
“As consumers get more information and as they are better informed, the price reductions will become more likely,” he added.
Consumer advocate Sue Soh said it seemed to be the first time the ACCCs had issued a warning about an impending price hike.
Ms Soh told the ABC the commission had been pushing the manufacturers to take action, but had not yet done enough.
She said it had not been a good start for consumers.
If you have been affected by this price increase please email [email protected]
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