Highest record of New vehicle sales in years

Highest record of New vehicle sales in yearsA rush in vehicle registrations being experienced is serving as another indication of the economy bouncing back from the global financial crisis.

Figures from the Motor Industry Association show that registrations of new vehicles in 2013 were the highest since the year 1984.

Last year a total of 208,263 new, including imported passenger and commercial vehicles were registered.  That was 14% more than in 2012, which in turn had shown a significant gain after a fall in registrations in 2011.

Ian Stronach, Motor Trade Association marketing manager said buyers are more confident. "They see better conditions ahead so their ability to pay off their vehicles or for it to earn a return for their business is better than it was maybe a couple of years ago."

Nick Tuffley, ASB chief economist said the figures for 2013 are one among many indicators pointing to an economy getting back up on its feet.

He said, "What we've seen is a gradual lift in consumer confidence, we've got a strong housing market, we've seen jobs growth pick up, and that's made consumers a little bit more confident and prepared to buy cars."

Toyota was the market leader for new passenger vehicles, which sold more cars in 2013 than in any year for the past 26 years.