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30% decline in registration of used car in New Zealand in June

Used car registrations in New Zealand – generally for imported used cars – have plunged 30 per cent in June to 7,049 from a year ago. Used car sales were down 5.5% on the 8.156 sold in May.

Sales of cars in New Zealand have been reeling as a result of soaring gasoline prices, restricted credit available and a generally weak economy. Used car sales have been heavily affected by a crisis in the car finance business that has seen 23 companies defaulting in just over two years.

Finance companies in New Zealand are a traditional source of credit for used car dealers.

In contrast to the dire state of the used car market, new car registrations rose 5.5% on June last year & were up 20% on May to 6.753. But the figures show a marked move toward smaller cars, away from larger gas guzzlers.

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