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Immigration, low interest rates drive record New Zealand car sales

Xinhua, October 4, 2016 Adjust font size:

Record strong immigration and record low interest rates contributed to a new high in new car sales in New Zealand last month, the Motor Industry Association (MIA) said Tuesday.

These factors along with high levels of economic activity in the biggest city of Auckland combined to give consumers and businesses confidence to buy big ticket items, MIA chief executive office David Crawford said in a statement.

"There were 13,884 new vehicle registrations in the month of September, making it the highest month of September on record, and second highest month of any month ever," said Crawford.

New vehicle sales in September were up 11.3 percent from September 2015, and sales for the year to date were up 7.6 percent year on year.

"If registrations of new vehicles continue at this pace, then it is possible we could see more than 140,000 new vehicles registered in a year for the first time," said Crawford.

Last month saw 9,704 passenger and sport utility vehicle registrations and 4,180 commercial vehicle registrations.

Toyota was the overall market leader in September with 17 percent market share, with Holden second on 12 percent and Ford third with 10 percent. Endit