March new vehicle registrations of 14,028 vehicles in New Zealand were up 1% year on year, reflecting, the local Motor Industry Association (MIA) said, "a stable market".

Year to date sales were up 2% to 40,356 units.

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Registrations of 9,050 passenger and SUV vehicles last month were down 2% but registrations of 4,978 commercial vehicles rose 7%.

Toyota remained the overall market leader with 17% market share  followed by Ford (11%) and Mitsubishi (8%). 

Toyota was also passenger and SUV leader with 13% market share followed by Mazda (9%) and Mitsubishi (8%).

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In commercials, Toyota also led with 25% market share followed by Ford (21%) and General Motors' Holden (9%).

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Reflecting March's sales gain, the top four selling models for the month were all light commercial vehicles. The Toyota Hilux was back at the top of the best selling vehicle model table with 915 units followed closely by arch rival Ford Ranger (912) and the Holden Colorado (427). 

SUV medium returned to being top segment last month with 18% market share followed by Pick Up/Chassis Cab 4×4 (16%) and SUV compact (13%). 

"The market for new vehicles is mature and remains strong. The economic factors of the past two years are still largely present with strong net immigration, affordable prices and strong economy," said MIA CEO David Crawford.