Vehicle sales hit record high in October

  • 03/11/2016
The Toyota Corolla was the top selling passenger model (Newshub.)
The Toyota Corolla was the top selling passenger model (Newshub.)

Sales of motor vehicles hit a record high in October, smashing a record set in July 1984, when Robert Muldoon lost a snap election.

Some 14,709 vehicles were registered last month, compared to the previous record of 13,983. Registrations rose 16 percent compared to October last year when 12,684 vehicles were sold.

Motor Industry Association President John Manley says it's a sign of a booming economy.

"People don't buy cars if they are not feeling confident, people don't buy cars and vehicles if they think the economy isn't positive so it's a very positive barometer."

There were 10,795 passenger and SUV registrations and 3,914 commercial vehicle registrations in October 2016.

The Toyota Corolla was the top selling passenger model, followed by the Toyota Yaris and the Holden Commodore. The Ford Ranger was the top-selling commercial model.

Toyota remained the market leader with 22 percent market share, with Holden second on 13 percent and Ford third with 11 percent.

Mr Manley says car sales are one of a number of indicators of consumer confidence.

"Things are absolutely flying, the domestic economy is strong, building is at record levels, people are feeling good."

"The record sales for the month of October indicates there is a strong level of confidence in the performance of the New Zealand economy," he said.

Sales have been supported by record inward migration and an economy growing at 3.6 percent on an annual basis.

NZN / Newshub.