Our take on the latest Car registrations (Fri 4 Dec 2020)
Total car registrations down 18%pa
New car registrations excluding rentals up 3.5%pa
Used car registrations down 18%pa
The key numbers...
- A total of 17,552 passenger cars were registered in November 2020, down 18% from last November.
- New car registrations were sitting 17%pa lower, but when rental cars were excluded, registrations were up 3.5%pa.
- Used car registrations were down 18%pa.
- The 599 new rental car registrations in November were still sitting 76% below usual levels, but were double the number registered in October – usually the strongest month for rentals.
- Car imports were down again in November, with provisional data from Customs showing a 20%pa drop in new cars and a 16% drop in used cars.
Short supply of passenger vehicles
Monthly new and used passenger car imports, source: Customs NZ
...and our reaction
- Demand for vehicles appears to have held up reasonably well this year since emerging from Alert Level restrictions earlier in 2020, with private sales of new vehicles an area of strength helping keep sales buoyant as Kiwis continue to spend their holiday and lockdown funds.
- However, sales to businesses are struggling as uncertainty sees firms keep a check on expenses and a limit on investment.
- Supply issues tied in with difficulty of freight logistics coming into New Zealand ports are putting a limit on vehicle sales. Congestion at many of our ports, and strict compliance with COVID-19 rules compared with other nations, continues to frustrate traders and limit car imports.
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