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Car Prices On The Way Up

MEDIACOM-RELEASE-MOTOR-INDUSTRY-ASSOC

CAR PRICES ON THE WAY UP

"If the New Zealand dollar does not recover from its current historical low level, car prices, for both new and used vehicles, must continue to increase", Mr Perry Kerr, Chief Executive Officer of the Motor Industry Association said today.

All vehicles sold in New Zealand are imported and are therefore directly affected by the exchange rate. In the last 12 months the NZ dollar has dropped 20% against the Japanese Yen. The price rises that we have seen over the past months can account for no more than 1/3 of this drop.

"Motor vehicle prices still have a long way to go (up) before the full impact of the weakening exchange rate is realised" Mr Kerr said.

"The purchase of a new car is a very good investment especially as petrol prices increase. New cars are more fuel-efficient and are therefore cheaper to run than an older model. The time is now right, before prices increase again to trade out of that older less efficient vehicle, into a new car" Mr Kerr concluded.

ENDS

MEDIA RELEASE FROM THE MOTOR INDUSTRY ASSOCIATION

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