Used ve­hi­cle mar­ket boom­ing


New Zealand’s used car sales in­dus­try is ex­pe­ri­enc­ing boom times, set­ting new records in a va­ri­ety of trans­ac­tions.

Last month a to­tal of more than 102,000 used ve­hi­cles were ei­ther im­ported, brought or sold - the first time the used ve­hi­cle mar­ket has hit more than 100,000 trans­ac­tions.

The last time the mar­ket even came close to this mark was in July 2015 when there were 99,943 trans­ac­tions, ac­cord­ing to ve­hi­cle auc­tion com­pany Turn­ers Group.

The great­est num­ber of trans­ac­tions in March were pub­lic-to-pub­lic, which saw 46,054 ve­hi­cles pur­chased, more that 4 per cent up on March last year. Dur­ing the open­ing three months of the year a to­tal of 131,536 ve­hi­cles swapped own­ers in these pri­vate sales.

Next high­est num­ber were the dealer-to-pub­lic trans­ac­tions - the tra­di­tional way of buy­ing a used car off a deal­er­ship - which last month jumped to 18,131 ve­hi­cles. So far this year 50,657 ve­hi­cles have been sold this way.

Pub­lic-to-dealer trans­ac­tions, which in al­most every case is the tra­di­tional trade-in for an­other ve­hi­cle, rose 11.5 per cent over March last year to 15,152 ve­hi­cles. And dealer-to-dealer trans­ac­tions rose 8.05 per cent to 8293 ve­hi­cles.

A sig­nif­i­cant statis­tic for March is the num­ber of ex-over­seas reg­is­tra­tions recorded for the month - 14,474, which was a rise of 19.10 per cent over March last year.

A state­ment from Turn­ers says the high num­ber of ex-over­seas reg­is­tra­tions will cer­tainly be at least partly caused by the num­ber of used ve­hi­cles com­ing into the coun­try. In March alone 19,579 were im­ported, an in­crease of more than 50 per cent on March last year.

"Most com­men­ta­tors are picking the econ­omy to slow head­ing into the mid­dle of an elec­tion year. Used car trans­ac­tions would usu­ally fol­low this, but it is dif­fi­cult to imag­ine that on the back of such a record­break­ing month." says the state­ment.

Record num­bers of used cars are be­ing im­ported to New Zealand.

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