Market slows slightly as supply issues continue and new lending criteria impacts.

TIGHTENED lending criteria have been cited as a factor that slowed the new car market last month.

In discussing January data, the Motor Industry Association – which speaks on behalf of new vehicle distributors - says one reason the registrations count hit 13,514 - a 2.7 percent decrease for the whole passenger and light commercial sectors on the same month in 2021 and a 7.8 percent fall on passenger alone - was the change to loan policy. 

It wasn’t the only factor why there were 8953 passenger and 4561 commercial vehicles registered for the month, chief executive David Crawford says.  

Stock levels are low and though recent new vehicle shipments have alleviated some of the long wait lists for popular models, other brands suffered from supply constraints.

However, it means 379 fewer passenger and light commercial vehicles hit the market  against January of 2020.

The impact of vehicles with some degree of electrification continues to strengthen. The registration of 470 wholly electrics (led by the Hyundai Kona), 208 plug-in hybrids (topped by MG HS) and 828 hybrid vehicles (Honda Jazz leading the way) represented 11.2 percent of the fleet.

Small to medium segments accounted for 56 percent of sales, but the favoured body shapes were compact and medium SUVs, both with 22 percent share, followed and Pick Up/Chassis Cab 4x4 one-tonne utilities, with 19 percent share.

The Mitsubishi Outlander was the top model, followed by two utes, the Mitsubishi Triton (above) then the Ford Ranger.

 Mitsubishi was also the overall market leader with 2841 registrations fuelling a 21 percent market share, followed by Ford with nine percent (1219 units) then Toyota, also nine percent but 1166 units. 

Mitsubishi Motors NZ says its result was almost double that for January of 2021 and bettered a previous monthly high, 2312 units achieved last November.

The Porirua-based operation says Outlander and Triton respectively contributed 1186 and 1118 sales respectively – both record results for the types.

Triton demand was as planned; the brand last year secured 5000 units in September in hope of securing a sales windfall from consumers seeking to beat the emissions penalty that will hit the types when Government’s Clean Car scheme enacts on April 1.

Reece Congdon, MMNZ head of marketing and corporate affairs, anticipates Outlander interest being further bolstered when the plug-in hybrid editions release next month. There are already 500 orders placed for that drivetrain.