These results may be an indication that many New Zealanders have adjusted to the increased fuel prices and are starting to become more optimistic about their financial security.
Past News ReleasesRSS
(Vocus) November 17, 2010
Signs that consumers are beginning to adjust to higher petrol prices have emerged, with Turners Auctions’ third quarter results demonstrating an increase in sales of mid to large engine used cars.
Sales of used cars with engines 2.1 litre and above have increased steadily over the year and now represent 43.2 per cent of total cars sold, 2.1 per cent higher than last year. Prices have also followed suit with the average sale price for a used car increasing by almost $500 when compared with the same period last year, while the average sale price of cars 1.6 litre and under dropped by $420.
The results are significant considering petrol prices have risen by almost 20 per cent over the past year and are the highest they’ve been since 2008.
“The peak in petrol prices and the economic conditions of 2008 saw a sharp increase in smaller engine used cars for sale, while sales of larger gas guzzlers dropped sharply,” says Todd Hunter, Chief Operating Officer of Turners Auctions.
“These results may be an indication that many New Zealanders have adjusted to the increased fuel prices and are starting to become more optimistic about their financial security.”
The data also shows a rise in sales of the once popular used car Toyota Hiace, which is now the seventh most popular used vehicle sold, suggesting greater confidence in the trades sector.
The Toyota Corolla was the most popular model sold during Q3, while the Holden Commodore and Ford Falcon round out the top three. Surprisingly, the Honda Civic has dropped outside the top ten after occupying the number five spot for the last two quarters. The biggest mover of Q3 was the Ford Mondeo, which rose from tenth spot in Q2 to become the sixth most popular used vehicle sold.
Toyota continues its dominance as the new and used car make of choice for Kiwis in Q3, with one in every five cars sold at Turners bearing the Toyota badge. Nissan, Ford and Mitsubishi remain in the top five spots along with newcomer Mazda whose sales continued to increase through Q3, bumping them into the top five for the first time this year. Honda on the other hand has experienced a market share decrease of 1.3 per cent, dropping them to sixth most popular make overall.
# # #