Our take on the latest Car registrations (Tue 8 Feb 2022)
New car registrations fall 8.4% in January
Used car registrations up 5.5%pa
Could this be a turning point
The key numbers...
- There were 18,796 new and used first-time car registrations in January, down 1.6% from a year ago.
- New car registrations fell 8.4%pa, while used car registrations grew 5.5%.
- There were 636 electric vehicle registrations in January, which was 37% more than a year ago. Although this is still decent growth, it is the slowest rate since the beginning of the Clean Car Discount in July 2021.
- Rental car registrations totalled 399 in January. This figure was 53% more than in January 2021, but it is well below pre-pandemic levels, which would often exceed 2,000 rental car registrations per month at this time of year.
- Imports of new cars coming into the country fell 9.0%pa in January, and used car imports tumbled 39%.
New car registrations
Source: NZTA
...and our reaction
- January’s result is the opposite of the trend we saw throughout most of 2021, with a fall in new car registrations and growth in used cars. The next few months will determine if we’ve already hit peak demand for vehicles.
- The large fall in used imports in January suggests that further used car registration growth will be limited next month.
- Rising interest rates and lower credit approvals following changes to the Credit Contracts and Consumer Finance Act could damage car sales, particularly for new cars.
- Although unemployment has kept declining, private demand for vehicles could be negatively affected by reopening borders, as people spend their money on a long-awaited holiday instead of a car.
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