Higher interest rates and concerns over the economy failed to dent new vehicle sales, which hit a record high in March, Land Transport New Zealand reportedly said.
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However, sales of used imported vehicles fell sharply, taking overall sales figures down about 7% on the same month last year, the Dominion Post reported.
The paper said 9,109 new vehicles were sold in March, up 3.28% on the same month last year, while new car sales of 6,602, were the highest in 15 years for the month, up nearly 100 units on the same time last year. Commercial vehicle sales also hit a 20-year high – 2507 compared with 2314 the previous March.
First-quarter sales of 24,003 new vehicles were 3.1% higher than the same time last year, the Dominion Post added.
“Despite increased interest rates and darkening clouds over the economy, new vehicle sales in both the private and business sectors are continuing to increase,” the paper quoted Motor Industry Association chief executive Perry Kerr as saying. “The fact that this is happening as sales of used imports are dropping off from last year’s levels confirm that a fundamental shift in the market is taking place.”
Sales of used imported cars fell from 14,877 last year to 13,211, returning to 2003 levels, the report added. Sales of used imported commercial vehicles were also down on a year ago at 1,283 from 1,459, but still well ahead of the 942 sales in 2003.
The downturn in used imported vehicles resulted in the total number of vehicles sold in March falling by 7.34%, the paper said.
According to the report, Ford and Toyota, traditional rivals for the top sales record, each sold 1,385 vehicles, giving them 15.2% of new registrations each, while GM’s Holden was third with 14.92% and 1359 sales.
Honda was the leading player for the minor placings with 8.04% on 732 sales, despite not selling commercial vehicles, the paper added.
The Holden Commodore continued to be the top selling new car model with 530 sold, followed by the Ford Falcon (415) and Toyota Corolla (362), the Dominion Post said.
