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


Big start for 2003 new vehicle sales

Big start for 2003 new vehicle sales

Following a bumper 2002, in which 83,743 new vehicles were sold (the highest for twelve years), 2003 has started on an even more buoyant note with 7159 new vehicles delivered in the month of January. The first month of the new year saw 5711 new cars sold, the highest since January 1990, and the 1448 new commercial vehicle sales recorded was the highest since January 1984.

“There is no doubt that increased confidence in the new vehicle market is now entrenched,” said Perry Kerr, CEO of the Motor Industry Association. “The strong domestic economy is part of it, and the rest is the reduced depreciation that is bringing private buyers back to the new car market.”

January is not normally one of the biggest months of the year for new vehicle sales, but it often provides an indication as to what the rest of the year will bring. “Every other January in the last twenty years in which the new car market has surpassed 5700, the full year has been in excess of 74,000,” said Mr. Kerr. “If this pattern holds we will beat 2002’s record by 10,000 units.”

It’s not just the new vehicle market which had an excellent start to the year. Used imports also had a record for the month of January. “Clearly all sectors of the market are doing well in volume terms,” said Mr. Kerr. “In the case of used imports, however, not only has the need to meet frontal impact standards had absolutely no effect on sales, but there is another factor driving demand. This is the fact that prior to frontal impact the cars being imported were an average of eight years old, meaning that their remaining useful life was very limited. We are now seeing in the numbers the accelerated replacement rate of these short-life vehicles.”

© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


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