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Kiwis paying more for used cars in 2012

Media Release

Kiwis paying more for used cars in 2012

Latest figures from Turners show Kiwis paying up to 15% more for used vehicles.

Kiwi drivers in the market for a second-hand car are paying up to 15 percent more than the same period last year, according to latest figures from Turners Auctions.

The half-yearly sales data* from the country’s largest vehicle auctioneer shows the average price of used vehicles has risen sharply compared with the same period in 2011, with cars sporting mid-sized engines subject to the greatest increases.

“Our year-on-year data shows the average price of a used car is now nine percent higher. The new regulations around the age of imported vehicles are certainly having an impact on vehicle cost. As import age has decreased, prices have inevitably gone up,” says Turners’ Chief Operating Officer, Todd Hunter.

Turners also believe an increase in the number of ex-rental vehicles being sold at auction has helped to push up prices.

“There are a lot more late-model, NZ New ex-rentals going through auction this year, and these are very popular with our customers,” says Hunter.

The price increase is more marked in vehicles with an engine capacity between 1.3 and 2.1L. Over the last six months, the average price of a vehicle in this category was $6,806 – 13 percent higher than for the same six months in 2011.

While buyers of smaller engine (under 1.3L) vehicles, and those in the 2.0L plus category, were not immune to rising prices, the increases were more subdued. The average price for vehicles in these categories increased by approximately nine and six percent respectively.

“So, if you’re looking for a reason to choose a more powerful engine over a sensible mid-sized one, you’ve got a strong case at the moment,” says Hunter.

Despite offering better value for money, Turners do not expect sales of larger engine vehicles will outstrip mid-sized cars.

“Petrol prices are continuing to rise and, for many of our customers, it’s a matter of weighing up the premium paid for a sensible, mid-sized vehicle with on-going savings at the pump,” says Hunter.

*Calculated combining Q1 and Q2 data

Ends

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