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New vehicle sales set January record

NZN 2/02/2017 Tina Morrison

New Zealand new vehicle sales hit a record in January, signalling no imminent slow down from three straight years of record sales.

Registrations of new vehicles jumped 16 per cent to 13,823 in January from the same month a year earlier, the highest level ever record for the month, according to the Motor Industry Association.

The new car market has been on a tear, with registrations up 9.5 per cent last year to hit the highest ever annual tally of 146,753, as the economy is buoyed by low interest rates and record migration and tourism.

"As 2017 gets underway, nothing has changed with the economic environment that existed for most of 2016," said Motor Industry Association chief executive David Crawford.

"The key drivers to high levels of new vehicle sales are the continued high levels of net immigration, low costs of debt and a strong national economy."

Commercial vehicle registrations rose 23 per cent to 3,673, while passenger vehicle registrations gained 14 per cent to 10,150, according to the MIA data.

Japanese car maker Toyota was the overall market leader for the month, with a 17 per cent market share, followed by Holden with 13 per cent and Ford with 11 per cent, the MIA said.

The Ford Ranger was the bestselling vehicle model for the month, with 741 registrations, followed by the Toyota Corolla with 590 registrations.

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