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

 


New Car market continues to surge


Media Release

For Immediate Release
4 October 2002


New Car market continues to surge

The new car market moved up a step in September from its already buoyant level to reach 6014 units for the month, an increase of 12.8% over August and an impressive 23.4% gain on September 2001. It marked the eleventh successive month that new car sales had exceeded the figure for the same month the previous year, and there is no doubt that the full year new car market in 2002 is going to exceed 60,000 units for the first time since 1996.

“There is a new confidence amongst private buyers of new cars,’” said Perry Kerr, Chief Executive Officer of the Motor Industry Association. “We have been saying for some time now that the tariff-free environment would put an end to uncertainty about likely depreciation levels for new cars, and this is proving to be the case. This, together with strong rental car sales arising from continuing confidence in the tourism sector, is giving the new car market a welcome boost.”

The MIA sees the situation as a long term trend. “The true level of the new car market, based on the historical relativity to the Australian market, is about 110,000 units per year,” said Mr. Kerr. “It was only the advent of used imports which cut it to around half that, but now that we have a stable tariff regime we are seeing the market claw its way back as the price difference between the new and used car markets has closed.”

‘When all costs of ownership are taken into account, the case for owning a fully-equipped, safe, reliable, enjoyable to drive new car which uses less fuel and is easier on the environment is more compelling than ever, and buyers are clearly starting to appreciate this,” Mr. Kerr concluded.


ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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>>

ALSO:

Half A Billion Accounts: 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>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news