January new vehicle registrations of 14,834 set another New Zealand record.

Sales were up 7.3% year on year and growth ran somewhat against expectations, the local Motor Industry Association (MIA) said.

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Passenger car and SUV registrations rose 6.4% to 10,797 units while commercial vehicle registrations slipped 9.9% to 4,037 units.

Toyota remained overall market leader with 22% share followed by Ford (11%) and Mazda (8%). 

Toyota also topped passenger and SUV registrations.

The Toyota Corolla returned to the top of the best selling vehicle model table followed by the Ford Ranger and Toyota Hilux trucks. 

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The SUV medium segment accounted for 16% of the market, followed by the small passenger segment with 14% and the SUV compact with 13% market share. 

"The key drivers of new vehicle sales remain the continued elevated levels of net immigration, low costs of debt, a strong national economy and a stable government," the MIA said.

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