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

 

Turners: used car demand strong despite December downturn

Turners says used car demand strong despite December downturn

By Jenny Ruth

Jan. 10 (BusinessDesk) - Turners Automotive Group says a lack of used car imports from Japan has meant total used car sales in December were down 6 percent on the same month of 2017.

Registrations of used cars imported from overseas fell a much greater 21.6 percent in the latest month, taking the annual fall in imports to almost 11 percent.

Nevertheless, 1.13 million used cars were sold in 2018, down only 0.76 percent on the previous year.

“Demand for second-hand vehicles is still strong. The fact that 2018 has remained flat on 2017, despite the massive decline in import sales, bodes very well for people looking to buy and sell cars domestically within New Zealand," says Greg Hedgepeth who heads the group's second-hand cars and related financial services.

The data shows public-to-dealer, dealer-to-dealer and dealer-to-public sales were all positive in calendar 2018, although public-to-public sales fell marginally.

“The continuing demand from public buyers is shown in the figures by a solid increase of 2 percent in dealer-to-public transactions – and the corresponding increase of public-to-dealer (transactions) due to trade-ins in 2018 versus 2017,” Hedgepeth says.

“With import supply hopefully continuing to stabilise, and strong increases in consumer confidence reported by ANZ-Roy Morgan, the start of 2019 is looking like it will be positive for the industry,” he says.

The latest ANZ-Roy Morgan survey showed its index at 121.9 points in December, up 3.3 points from November. A reading above 100 means consumers on average are positive about the economic outlook.

Figures released by the Motor Industry Association earlier this week showed new vehicle registrations of 161,519 hit a record in 2018 for the fifth consecutive year, although the association expects the market to soften in 2019.

(BusinessDesk)


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Climate Summary: NZ’s Equal-2nd Warmest Year On Record

Annual temperatures were above average (+0.51°C to +1.20°C above the annual average) across the majority of New Zealand... 2018 was the equal 2nd-warmest year on record for New Zealand, based on NIWA’s seven-station series which began in 1909. More>>

ALSO:

GDP: Economic Growth Dampens In The September Quarter

Gross domestic product (GDP) rose 0.3 percent in the September 2018 quarter, down from 1.0 percent in the previous quarter, Stats NZ said today... GDP per capita was flat in the September 2018 quarter, following an increase of 0.5 percent in the June 2018 quarter. More>>

ALSO:

Up $1.20: $17.70 Minimum Wage For 2019

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>

ALSO:

Retail: IKEA To Open In New Zealand

Inter IKEA Systems B.V. is today announcing its intentions to grant the Ingka Group exclusive rights to explore expansion opportunities in New Zealand. More>>