February’s New Vehicle Market Down

Media Release
March 4 2009

February’s New Vehicle Market Down

The economic downturn continues to impact on new vehicle sales with February passenger car registrations of 3,795 down 28% on January and also down by a massive 38.5% on February 2008. Commercial vehicle registrations of 1,263 fared slightly better with this number up on January but down 37% on the same month last year.

“While 2008 started strongly the same will not be the case this year” said Mr Kerr, Chief Executive Officer of the Motor Industry Association. He went on to note that the new vehicle industry had anticipated the downturn and commenced reducing stock levels from the middle of last year. One factor that is causing part of the slow down is the increase in vehicle prices that are now in place. Most manufacturers have put up prices and more increases have been signalled. Mr Kerr said that “while registration numbers are down the industry cannot afford to sell vehicles at a loss”. He concluded “the overall price adjustment needed to compensate for the very weak New Zealand dollar is close to 50% so there are still quite a number of price increases to come”.

Toyota continues to lead the market in both passenger car and commercials with a combined market share of 16.5% (832) registrations for the month, Ford came in second place with 12.2% (620) registrations and Mazda squeaking into third place with 464 registrations just pipping Holden with 463. Toyota Corolla remains as the top selling car followed by the Holden Commodore and Ford Falcon.

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