Car registrations

Slower off the mark for car registrations

5 Feb 2020

Our take on the latest Car registrations (Wed 5 Feb 2020)

Used car registrations grew 0.8%pa
New car registrations fell 8.5%pa
Used small car registrations rose 6.7%pa

The key numbers...

  • December’s strength wasn’t sustained in January, with total car registrations for the first month of the new year falling 3.5%pa.
  • New rental car registrations were 69% lower in January 2020 than a year ago, which pushed new car registrations 8.5%pa lower. Excluding rental registrations, new car registrations rose 4.9%pa.
  • Used small car registrations rose in January, up 6.7%pa, even as used large car registrations dropped 3.6%, taking overall used car registrations up 0.8%pa.

Used small car registrations

Annual running totals
3535

...and our reaction

  • After a rally in car registrations towards the end of 2019, the new year has started with less of a bang.
  • Used vehicle registrations are holding up, supported by small vehicle registrations. Additionally, the drop in used large registrations seems to be broadly levelling off for now.
  • Consumer confidence continues to hold up, with the ANZ-Roy Morgan Consumer Confidence Survey for January 2020 remaining above its long-term average, which should provide continued support for vehicle registration activity over the next year.
  • The threat of the coronavirus on the New Zealand economy has emerged in recent weeks, which is likely to dampen near-term economic activity, although it’s too early yet to judge the likely timeframe or impact.