11 June 2013

New record for new car registrations

New car registrations in Palmerston North are now higher than before the Global Financial Crisis.

Over 3,000 new cars were registered in the Palmerston North region in the 12 months ended May 2013 – which is a new record for the region.

Annual new car registrations increased from 2,031 cars in the year to May 2012 to 3,003 in the 12 months to May 2013, an increase of 48% from 2012. Nationally, new car registrations increased by 13% over the same time period.

New car registrations in the region are now 21% higher than the previous peak in registration in September 2008, prior to the Global Financial Crisis (GFC). In contrast, total new car registrations for New Zealand are still slightly below the pre-GFC peak.

Palmerston North Mayor Jono Naylor says new car registrations are, traditionally, a good indicator of the confidence and strength of small businesses which, he says, are the heart of our community.

“I’m confident that business and consumer confidence will continue to grow especially given the recently announced increase in the Fonterra milk payout price and high interim payout price.”

Economic policy advisor Peter Crawford says a further point of difference for the region is that annual new car registrations significantly exceed registrations of imported second hand cars, which totalled 1,931 cars in the 12 months ended May 2013. Total New Zealand registrations of imported second hand cars were 84,615 cars in the 12 months ended May 2013 compared with 78,106 new car registrations.

Registrations of imported second hand cars in the region also increased strongly in the last year, with annual growth of 18% for the Palmerston North region while national growth in registrations was 8%.

Very strong growth was recorded in the Manawatū region in the last three months, with growth of 61% compared with the three month ended May 2012, well ahead of national growth of 23% over the same period.

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