Sharechat Logo

New vehicle registrations fall in March as market softens further

Wednesday 3rd April 2019

Text too small?

New Zealand new vehicle registrations fell in March as the market continues to soften, data from the Motor Industry Association showed.

March 2019 total new vehicle registrations fell 757 units, or 5.4 percent, compared to the previous March to 13,271 units. Year-to-date they were down 3.7 percent or 1,485 units compared to the first three months of last year. This indicates "a softening market," chief executive David Crawford said. 

Over the last couple of years the market has been buoyed by low interest rates, record migration and strong tourism arrivals. While interest rates are set to remain low, migration is waning and expected to impact demand.

The total registrations of passenger and SUVs for March 2019 were down 6.9 percent on the year, while commercial vehicle registrations were down 2.7 percent. 

In March, Toyota remained the overall market leader with a 13 percent market share - with 1,697 units. It was followed by Ford, with 10  percent, or 1,328 units, and Mitsubishi with 9 percent, or 1,225 units.

In the commercial sector, the Ford Ranger retained the top spot as the bestselling commercial model with an 18 percent share, or 850 units, followed by the Mitsubishi Triton and the Toyota Hilux, each with about 12 percent.

“The outturn for March 2019 was weaker than the same period in 2017 and 2018, but still strong compared to (the years) 2009 to 2016 period," Crawford said. "However, it indicates that after a sustained period of growth, the 2019 market is likely to be down on last year.”

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar stalled; US-China trade deal may be postponed
AFT Pharmaceuticals starts to hit its straps
Crown seeks US$100m from Tui operator; Prospector moving on
Pacific Edge goes back to shareholders for another $20m
Crown seeks $100m from Tui operator Tamarind
Ryman underlying annual profit may rise by up to 17%
NZ dollar eases on increasing US-China doubts, lack of news in Fed minutes
From dog tucker to top dog: economists ask how Northport can be Auckland’s best replacement
MARKET CLOSE: NZ shares rise; Metlife jumps on takeover talk
NZ dollar eases on technical factors, buoyed by higher dairy prices

IRG See IRG research reports