Passenger vehicle sales jump 32.5%

New Zealanders have been buying significantly more passenger vehicles in 2023 than the year before, according to the latest data from the Motor Industry Association.

During the first four months of the year, consumers purchased 48,135 new passenger cars and sport utility vehicles – a 32.5% increase on the 36,324 sold in the same period last year.

Meanwhile, Toyota is on the way to regaining the crown as the country’s leading brand for passenger vehicles.

In the year to April, the brands that sold the most new passenger vehicles were:

• Toyota = 15.3% share of all sales.
• Kia = 11.3%.
• Hyundai = 8.1%.
• Mitsubishi = 7.8%.
• Suzuki = 7.8%.
• MG = 4.8%.
• Tesla = 4.2%.
• Mazda = 4.0%.
• Honda = 3.6%.
• Ford = 3.5%.

The market share figures for the 2022 calendar year looked quite different: the leading manufacturers were Mitsubishi (14.8% market share), Toyota (14.6%) and Kia (9.6%).

Don’t make this big car loan mistake

As a broker, I don’t just do home loans – I also help consumers with car loans.

One mistake I often see consumers make when buying cars is arranging finance through the motor dealer without doing their own research.

The reason this can be a mistake is because a car salesperson is not a finance expert. Typically, if they offer you finance, it’s because they’re trying to clinch a sale by making it easier for you to buy their product – not necessarily because they’re trying to organise a finance solution that’s suitable for your individual situation.

Conversely, as a broker, I’ll take the time to understand your individual situation and compare a panel of lenders to find the right loan for you.

Reach out if you’re interested in buying a car, and I’ll talk you through your options.