Our take on the latest Car registrations (Thu 4 Apr 2019)
New car registrations down 4.8%pa in the March 2019 quarter
Used car registrations down 8.1%pa in the March 2019 quarter
Used small car registrations up 4.5%pa in the March 2019 quarter
The key numbers...
- Last month we were cautiously optimistic of a sustained recovery in new car registrations. However, recent increases in petrol prices, mixed consumer confidence results, and subdued business confidence and investment intentions have pulled the rug out from under us.
- The fundamentals that support new cars sales: moderate economic growth and population growth, and the prospect of low interest rates, remain in place.
- Data from NZTA and feedback from dealerships suggests that rental companies have been offloading their vehicles to dealers, leaving imported cars to sit (unregistered) on the lots. However, this influx of ex-rental cars into the used car market looks to have run its course.
Car registrations
3 month APC
...and our reaction
- In the March 2019 quarter new car registrations fell 4.8% and used car registrations fell 8.1% compared with a year earlier.
- Only small used car registrations grew, rising 4.5% in the March 2019 quarter compared with a year earlier. In contrast, large used car registrations fell 16% over the same period.
- Small new car registrations fell 10% in the March 2019 quarter compared with a year earlier, while large new car registrations fell 2.3%.
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