Sales of vehicles with 3.0-litre plus engines are on the rise for the third consecutive quarter according to figures released by Turners Auctions
Large car sales are on the up as the used car market strengthens, according to a report by Turners Auctions.
The report on second-hand car sales reveals sales in the 3.0-litre plus category increased to 14.9% of second-hand cars sales in the July – September period.
The average price for larger cars also increased by almost $400 to an average of $12,000 per car. This time last year, the average price was under $10,000. Turners expects this figure to rise over time as demand increases.
“The data tells us people are venturing into larger car territory again. We think there’s greater optimism – people aren’t as scared of the recession. Plus relatively stable fuel prices mean buyers have more confidence they can manage the day-to-day costs of running a large car,” says Todd Hunter, Turners GM Marketing Sales.
Hunter also notes a seasonal trend emerging with sales of larger cars increasing in the lead up to the summer.
Hunter describes overall sale prices in the market as ‘firming up,’ citing increased customer demand in a market that has been undersupplied for much of the year. Further evidence of this customer demand is a 22% increase in the number of car dealers purchasing at Turners since the start of 2009.
“Japanese imports have been very low in 2009, but have started to settle at around 5000 units per month being bought into New Zealand. In mid 2008, there were over 8000 units per month being imported into the country.”
The impact of these reduced imports, especially from Japan, saw popular models such as Subaru’s Legacy and Impreza difficult to come by.
This quarter however, the Impreza has returned to the top 10 for the first time in 12 months and the Honda Civic makes its inaugural appearance on the list.
Despite a small increase this quarter, sales of petrol-fuelled vehicles remain under the 90% threshold for the second quarter in a row. Sales of diesel-fuelled vehicles decreased half a per cent to 10.5% after experiencing a two-year high of 11% in quarter two of 2009.
New Zealander’s love affair with the Holden Commodore continues as it remains our favourite make and model for the fifth consecutive quarter. The Toyota Corolla and Subaru Legacy continue an ongoing battle for second and third spots.
White and silver remain the top two colours, as they have since 2008. This quarter they jumped to a two year high accounting for 48% of all second-hand vehicles sold.