Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


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.




© Scoop Media

Business Headlines | Sci-Tech Headlines


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news