New vehicle market surges again in June

Media Release

For Immediate Release
3 July 2003

New vehicle market surges again in June

The record-breaking run of the New Zealand new vehicle market continued in June. 6607 new cars were delivered (19% up on May and the biggest June since 1989), and 2337 new commercial vehicles found owners. This was 33% ahead of May and the biggest month for new commercial vehicle sales since July 1985.

“There is no question that the new vehicle market has turned the corner after more than a decade of having to deal with the effects of imported used vehicles”, said Perry Kerr, CEO of the Motor Industry Association. “We are now in a stable pricing environment where customers can have some certainty about depreciation levels, and new vehicles are clearly being seen as a much more viable option than they were.”

New car sales for the first six months of 2003 reached 32,637, the best first half of the year since 1990 – the year when the effects of used imports first started to bite. Sales were up in all categories. Rental car sales underlined the continuing optimism of the tourism sector and the very strong performance of commercial vehicles is evidence that the construction and farming sectors are in good heart.

The Motor Industry Association is confident that the market will stay strong for the foreseeable future. “Awareness of the affordability of new vehicles continues to spread, and there are some amazingly well-specified, safe and environmentally-friendly new cars on the market at prices that are scarcely believable even by the standards of just five or six years ago,” said Mr. Kerr.

ENDS

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