NZ new vehicle sales jump to record in October, headed for highest ever in 2014

New Zealand new vehicle sales reached a record in October and are on track for the highest ever annual total this year as a buoyant local economy and cheaper prices underpin demand.

Registrations for new vehicles rose 12 percent to 12,023 in October from the year earlier month, the Lower Hutt-based Motor Industry Association said in a statement. That surpassed the previous October 1984 record of 10,724 to be the strongest print for the month since the association began collecting records in 1975, it said.

New vehicle registrations so far this year are 13 percent ahead of the same period a year earlier at 106,582 and are on track to surpass the previous annual record of 123,247 set in 1984, the association said. New car prices have fallen 3.2 percent over the past year, according to September quarter data from Statistics New Zealand, as importers pass through the benefits of a stronger local currency. New Zealand's economy grew at a 3.5 percent annual rate in the second quarter, according to the latest data.

"Healthy economic confidence combined with competitive pricing is fuelling strong demand for new vehicles," said David Crawford, chief executive of the Motor Industry Association.

Sales of new commercial vehicles rose 14 percent to 3,113 in October from the year earlier month. So far this year they are 21 percent ahead of the same period last year.

Meanwhile, sales of passenger vehicles rose 12 percent to 8,910 in October from the year earlier month. So far this year they are 10 percent ahead of the same period in 2013.

Japanese manufacturer Toyota Motor Corp was the biggest selling brand in October, with a 26 percent market share, followed by Ford Motor Co with an 11 percent share and General Motors Co's Holden brand at 10 percent, the association said.

(BusinessDesk)